Saturday, August 13, 2022

Nvidia will pay 5.5 milion dollars for selling graphics cards to cryptocurrency miners

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The US Securities and Exchange Commission (SEC) has fined Nvidia $ 5.5 million, which the giant will have to pay.

According to the SEC, Nvidia has been hiding information about how many of the company’s graphics cards have been sold to cryptocurrency miners.

Nvidia Graphic Cards
Source: Piqsels

Nvidia is said to have misled investors with a report on earnings as “gaming” earnings, even though the money came from sales from the crypto sector.

There have long been suspicions that a significant portion of gaming graphics cards from stock have been sold to cryptocurrency miners, not just the latest generation models.

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In the past, there were periods when the prices of cryptocurrencies rose, which led to a shortage of GPUs, or a huge increase in their prices.

The SEC claims that Nvidia misled investors with the report on earnings from fiscal 2018. Because of this, the company was ordered to pay a $ 5.5 million fine.

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