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Nicehash Software ‘Fully Unlocks’ Nvidia’s Hashrate Reducing Technology

Nicehash Software ‘Fully Unlocks’ Nvidia’s Hashrate Reducing TechnologyOn Saturday, the cryptocurrency mining platform Nicehash revealed the company has “fully [unlocked] Nvidia’s [Lite Hash Rate]” graphic processing units (GPUs). Nicehash says the firm’s Quickminer mining software is the first protocol that can unlock LHR GPU cards by 100%. Nicehash Says Software Is the First to Fully Crack Nvidia’s Lite Hash Rate Technology According […]

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SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue

SEC Fines Nvidia .5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its RevenueThe U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities […]

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Nvidia to pay $5.5M as part of SEC case concerning ‘inadequate disclosures’ around crypto mining

"All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate," said Kristina Littman.

The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”

In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.

According to the SEC, Nvidia reported growth in revenue around its gaming business in 2018, but also had information attributing this rise to crypto mining. The firm was required to report the connection “related to a volatile business,” and by not doing so was misleading investors by failing to disclose the demand for crypto mining.

“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, chief of the Crypto Assets and Cyber Unit of the SEC's Enforcement Division. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete and accurate.”

The action from the SEC’s crypto enforcement unit was the first since the government agency announced plans to expand its Cyber Unit — which includes the Crypto Assets Enforcement Division — by 20 people in an effort to better “police wrongdoing in the crypto markets.” The SEC reported in January that between 2013 and the end of 2021, it has brought 97 enforcement actions against participants in the digital asset marketplace, costing them roughly $2.35 billion in penalties.

Related: Crypto firms may still face SEC penalties for self-reporting securities laws violations: Report

Though Nvidia agreed to pay penalties and face enforcement actions in this SEC case, the firm has previously had success around similar allegations in civil court. In March 2021, a federal judge granted Nvidia’s legal team’s request to dismiss a lawsuit alleging the GPU manufacturer had acted with “conscious recklessness” in failing to disclose a significant amount of revenue from 2017 and 2018 came from crypto miner sales.

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Samsung Group Investment Arm to List Blockchain ETF on Hong Kong Exchange

Samsung Group Investment Arm to List Blockchain ETF on Hong Kong ExchangeSamsung Group’s investment arm is reportedly set to list a blockchain exchange-traded fund (ETF) on the Hong Kong Exchange during the first half of this year. The ETF will have a structure which is similar to that of BLOK, one of Amplify Holdings’s ETF products. Samsung Asset Management’s Stake in Amplify Holdings Samsung Asset Management […]

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Zilliqa’s ‘metaverse’ debut pumps ZIL price 350% in just five days — selloff ahead?

ZIL's price rally has made the coin “overbought” on multiple timeframes, raising selloff risks.

Zilliqa (ZIL) continues its supersonic bull run this week after reports that it will officially launch a so-called metaverse-as-a-service (MaaS) platform in April.

ZIL rallied nearly 25% in one day to $0.22 a token by Wednesday, its best level since May 13, 2021.

Its strong move came as a part of a rebound rally that started March 26 when it was trading for as low as $0.047. As a result, its net gains in the past six days came out to be more than 350%.

ZIL/USD daily price chart. Source: TradingView

Metaverse FOMO

Traders started flocking to the Zilliqa market a day after it announced the launch of Metapolis, a MaaS platform built on Nvidia Omniverse, during a VIP event coming April 2 in Miami. 

The metaverse concept and the companies trying to build it attracted nearly $3 billion in funding in 2021 compared to $2.33 billion in the year before that, according to data intelligence firm Dealroom.

Investments into Metaverse startups in the recent years. Source: Dealroom

Notably, metaverse developers have been building everything from virtual events to host fashion shows to all-and-all marketplaces that sell physical goods in the real world, as well as digital ones accompanied by nonfungible tokens (NFT). In November 2021, Facebook's parent company also changed its name to Meta Platforms Inc. to show its new focus on applications in a virtual universe.

Zilliqa shared its plans to tap the booming sector via Metapolis, revealing that it had already "amassed $2 million in pre-launch revenues from its client pipeline," including Agora, a digital art platform that would host a virtual award event on the Zilliqa metaverse.

ZIL, which serves as a utility token inside the Zilliqa ecosystem to execute smart contracts and cover transaction fees, appears to be benefiting from the metaverse hype. Nonetheless, from a technical perspective, the coin has rallied too much, too quickly to sustain its profits near the local highs.

ZIL selloff ahead?

Zilliqa has become an “overbought” asset on both its daily and weekly period charts, according to its relative strength index (RSI) readings above the threshold of 70, as of March 31.

ZIL/USD weekly price chart. Source: TradingView

ZIL experienced a selloff upon nearing its interim resistance level of $0.235, also the 1.0 Fib line of the Fibonacci retracement graph — drawn from $0.235-swing high to the $0.037-swing low.

As such, the ZIL/USD pair dropped by over 12% to test the 0.786 Fib line near $0.193 as interim support, and eyed further downside momentum with its RSI still above '70.'

Meanwhile, ZIL appeared to have been trading inside a giant symmetrical triangle since August 2020, confirmed by at least two reactive highs on its upper falling trendline and two reactive lows on its lower rising trendline.

ZIL/USD weekly price chart featuring symmetrical triangle. Source: TradingView

On March 31, the Zilliqa token retested the triangle's upper trendline (around $0.19) for a potential pullback move toward the lower trendline (below $0.08). That amounts to at least a 55% price drop in the coming weekly sessions if the pattern pans out as expected. 

Related: Investment tracker Delta expands its Web3 offering with an NFT explorer

Conversely, a decisive break above the resistance confluence, including the triangle's upper trendline and two Fibonacci levels, could have ZIL eye $0.35 next, coinciding with the 1.618 Fib line.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Nvidia hackers selling software unlock for graphics card crypto mining limiters

The hacking group is holding Nvidia to ransom demanding that it unlocks hash rate limiters on its high-end graphics cards.

A hacking group that infiltrated Nvidia servers last month is attempting to sell software that could unlock crypto mining hash rate limiters on the firm’s flagship graphics cards.

A South American hacking group going by the name LAPSUS$ claims to have stolen a terabyte of data from Nvidia servers in late February. The group is now offering software in the form of a customized driver to unlock limiters the company has put on its high-end graphics cards.

Nvidia stated that it became aware of the incident on Feb. 23, and stated, according to reports on Mar. 2:

“We are aware that the threat actor took employee credentials and some Nvidia proprietary information from our systems and has begun leaking it online.”

The cybercriminal group has been trying to extort the California-based company through a Telegram channel. In addition to leaking sensitive personal data that it pilfered, the group is offering to bypass limits on Nvidia’s RTX 3000 series graphics cards to enable higher hash rates for Ethereum mining.

On March 1, PCMag revealed screenshots from the group’s channel which stated “this leak contains source code and highly confidential/secret data from various parts of Nvidia GPU driver, Falcon, LHR, and such.”

LHR refers to “Lite Hash Rate” which is a limiter the company introduced to de-tune its GPUs in 2021 to deter crypto miners from snapping them all up, leaving some for its core market of PC gamers.

The hacking group is also attempting to hold Nvidia to ransom with demands that it remove the limiter from all RTX 3000 series cards and make drivers open-source. It has given the company until March 4 to make a decision.

Related: Nvidia again limiting crypto mining on its RTX-3060 gaming graphics card

Graphics card prices and availability has been a bane for gamers for the past two years, escalating their angst against crypto miners and the industry in general.

High-end GPUs can cost upwards of $1,800 if in stock, and lower-spec models are very hard to come by leading to the emergence of a used-card market where prices for older graphics cards often exceed what they cost originally in certain regions.

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Report: Nvidia’s Lite Hash Rate Tech to Stop Crypto Miners ‘Was Pointless’

Report: Nvidia’s Lite Hash Rate Tech to Stop Crypto Miners ‘Was Pointless’In mid-May 2021, the American multinational technology company Nvidia Corporation revealed that it added a hashrate limiter to curb the use of cryptocurrency mining with its graphics processing units (GPUs). However, crypto miners now say the move was pointless, and the mining organization Nicehash details that the hashrate limiter scheme introduced by Nvidia “did not […]

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Nvidia’s Q3 report reveals sharp decline in crypto mining chip sales

Nvidia's crypto mining product line sales are expected to decline to “very negligible” in the fourth quarter.

Although digital currencies have skyrocketed in value throughout the year, Nvidia has not made any significant profits from its cryptocurrency mining processor (CMP) line.

According to Nvidia's third fiscal quarter report, the company's CMP sales dropped by 60% sequentially in the most recent quarter, with sales of the product line expected to drop even further in the fourth quarter.

In its quarterly financial statement, Nvidia said CMP sales fell from $266 million in the second quarter to $105 million in Q3, which ended in October.

Nvidia claims to have made $526 million in revenue throughout the product's existence, roughly 3% of the total revenue of $19.27 billion over the same period. The company's overall income has been driven almost entirely by gaming, data center and professional visualization equipment sales.

Last quarter was no different in terms of CMP sales income. As reported by Cointelegraph, Nvidia surpassed Wall Street expectations by generating over $6.5 billion in profit. Still, it failed to meet its crypto-mining GPU line profitability target for the second quarter of 2021.

During the first-quarter earnings call, Nvidia CFO Colette Kress predicted a $400 million revenue for the company's cryptocurrency mining processor line in Q2. In the second quarter, Nvidia sold CMPs worth $266 million, short of its goal by a one-third margin.

Related: Influx of crypto miners to Kazakhstan reportedly strains energy supply

While CMP has yet to gain significant traction, Nvidia's profits have not been harmed. Its value is up almost 123% this year. Overall sales were up 50% year over year, and $3.2 billion was generated in a single quarter by selling graphics cards to gamers and PC builders, according to the company's earnings release on Wednesday.

Still, the firm claims it can't be certain that its increasing sales of graphics cards aren't linked to the cryptocurrency market. During a call with analysts on Wednesday, Kress said that: "Our GPUs are capable of crypto mining, though we don't have visibility into how much this impacts our overall GPU demand."

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Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report Reveals

Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report RevealsHigher cryptocurrency prices recently have restored interest in digital coin minting in Vietnam. Crypto mining is once again seen as an investment opportunity with other options being limited by the ongoing coronavirus pandemic that has been affecting the Asian country. Vietnam’s Sales and Prices of Crypto Mining Rigs Spike in September Demand for crypto mining […]

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