Sales of Nvidia’s cryptocurrency mining product line are expected to decline to “very negligible” levels in the fourth quarter.

Although the value of digital currencies has skyrocketed over the year, Nvidia hasn’t made much headway with its line of cryptocurrency mining processors (CMPs).

According to Nvidia’s fiscal third quarter report, the company’s CMP sales fell 60% sequentially last quarter, with product line sales expected to fall further in the fourth quarter.

In its quarterly financial report, Nvidia said CMP’s revenue fell to $105 million in the third quarter ended October from $266 million in the second quarter.

Nvidia claims to have generated $526 million in revenue over the product’s lifetime, which is about 3% of its total $19.27 billion in revenue over the same period. The company’s total revenue was driven almost entirely by the sale of gaming equipment, data centers, and professional visualization equipment.

The last quarter was no different from CMP sales revenue. As reported by Cointelegraph, Nvidia beat Wall Street’s expectations with a profit of over $6.5 billion. However, it did not meet its profitability target for its cryptocurrency mining GPU lineup in the second quarter of 2021.

During a conference call on first-quarter earnings, Nvidia CFO Colette Kress forecast $400 million in revenue for the company’s cryptocurrency mining processor lineup in the second quarter. In the second quarter, Nvidia sold $266 million of CMP, missing its target by a third.

Related: Influx of crypto miners to Kazakhstan reportedly puts strain on energy supply

While CMP has yet to gain significant traction, Nvidia’s bottom line hasn’t been hurt. Its value has increased by almost 123% this year. Total revenue is up 50% year-over-year and generated $3.2 billion in video card sales to gamers and PC makers in one quarter, according to a company release Wednesday.

However, the company claims that it cannot be sure that the growth in video card sales is not related to the cryptocurrency market. During a call with analysts on Wednesday, Kress said: “Our GPUs are capable of mining cryptocurrencies, although we don’t see how much this affects our overall GPU needs.”

Source: CoinTelegraph