Nvidia pays a million dollar fine for hiding the impact of crypto mining on the sale of its graphics cards

Among the main reasons for price inflation in the GPU market, we find the crypto mining. There is no doubt that many people bought huge amounts of graphics cards for this purpose, which was a trip for those who wanted this component to play.

One of the companies that was most involved in this situation was Nvidia. Many Series 30 units were acquired for crypto mining and now the Securities and Exchange Commission accuses directly to the company of knowing this circumstance, but not informing its shareholders.

The best games of 2022 for PC

The SEC details that in fiscal year 2018, Nvidia did not disclose that crypto mining had become a substantial element to understand the increase in GPU sales. The US body establishes that the demand for Nvidia products focused on crypto mining began to occur since 2017.

However, Nvidia refrained from revealing said data -which must be brought to light by obligation-. Therefore, investors did not have “critical information to evaluate the company’s business in a key market”, this being especially “volatile”. From the SEC they point out that Nvidia did not proceed in the same way for other sectors of the brand, in which it did present the demand for crypto mining as an important boost for sales.

What has this situation led to? Nvidia, neither admitting nor denying the SEC’s allegations, has agreed to issue a cease and desist order. The direct consequence goes to Nvidia’s pocket, since it has ended paying a fine of 5.5 million dollars.

Meanwhile, the graphics card market is reflecting a sharp drop in prices over the last year. Additionally, GeForce NOW has announced the new games joining its library this week.

View original Spanisn Content

Leave a Reply

Your email address will not be published. Required fields are marked *