One of the oldest Bitcoin miners, Hut 8 said it’s purchased $30 million of Nvidia’s newest cryptocurrency mining-specific graphics processing units to expand its company’s cryptocurrency mining capabilities.
Earlier 2021, Nvidia had launched its top-notch graphics card specially designed for ethereum mining. It is known as CMP (Cryptocurrency Mining Processor). The main reason why Nvidia launched a GPU specially designed only for mining, to steer miners away from other gaming GPUs.
However, Hut 8 reportedly bought $30 million worth of Nvidia CMPs. As Nvidia CMP designed for Ethereum mining, Hut 8 plans to allocate its mining power to alternative blockchains like Ethereum with those GPUs they bought.
Colette Kress, the CEO of Nvidia mentioned in the Q4 earnings call, the company expects about $50 million in total CMP sales during the first quarter of 2021. The interesting thing is, Hut 8 filled about 60% of that expected sales in just one order.
The newly bought CMPs will add about 1600GH of mining power to the company’s mining capacity. And it will use to mine other blockchains besides Bitcoin as mentioned earlier.