Nvidia, an American multinational technology company, has announced during its annual Investor Day that its revenue for fiscal 2022 is above its previously provided. The company raised its Q1 revenue of 2022 fiscal year forecast for its CMP (Cryptocurrency Mining Processor) product for industrial-scale cryptocurrency mining to $150 million, which is up from $50 million previously expected.
"We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook," said Nvidia's Executive Vice President and CFO, Colette Kress.
Nvidia notes that overall demand still remains "very strong" while its supply remains "lean." Kress added the company expects demand to continue to exceed supply "for much of this year."
Nvidia first revealed its CMP in February this year. The new product line is focused specifically for professional mining as CMP products do not do graphics and do not meet the specifications required of a GeForce GPU. CMP products do not have display outputs and their peak core voltage and frequency is lowered in order to improve mining efficiency.
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