Nvidia sued for falling demand in mining gpu
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Nvidia is one of the most important brands in the production of mining GPUs. But things have not gone as they wanted for all users. Therefore, the company faces a class action lawsuit due to the losses registered by the company after the reduction of cryptocurrency prices. This is something that caused a drop in GPU demand by miners.
Nvidia Faces Loss Lawsuit After Declining Mining GPU Demand
The company is accused of making false and misleading statements to the market. Since the ability to monitor the cryptocurrency market and the possibility of making quick changes in the business was promoted. Something they claim is not true-
Sue Nvidia
One of the reasons for the demand is that a drop in demand for the GPU by cryptocurrency miners would have no effect on the company's business. This is because Nvidia is in high demand for GPUs in the video game market. In addition, with the fall of cryptocurrency mining, the company was one of the worst performing on the stock market, with a 54% drop in its share price.
An analysis was carried out in mid-November showing that Ethereum mining using graphics processing units, GPUs, was not profitable. Something that affected many users. Many miners' earnings barely topped a dollar in November. A year ago it was $ 150 a month.
Nvidia has been one of the pioneering companies in the sector, and at the moment one of the few present, because other manufacturers have already announced their exit from this market segment. We will see what happens with this lawsuit.
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