Thursday, March 18, 2021

US Court Throws Out Cryptomining Lawsuit Against NVIDIA

Back in 2018, NVIDIA was hit by a class-action lawsuit. It alleged that the GPU maker made false and misleading statements about the state of the cryptocurrency market at the time, to its shareholders. Earlier this month, a US court ruled in favour of NVIDIA on the case.

The lawsuit was dismissed by a US District Court Judge based in the Northern District of California at the behest of NVIDIA, on the grounds that it was lacking evidence to prove the plaintiff’s claim. Specifically, the lawsuit accuses NVIDIA of under-reporting its revenue generated from the cryptocurrency surge of 2018 by around US$1.13 billion (~RM4.65 billion). Not only that, the lawsuit also says that the company hid those profits by claiming that approximately 70% of its GPU sales were “gaming revenue”. When it was actually gained from GPU mining.

The 2018 cryptocurrency surge eventually dwindled, but not before Bitcoin peaking at RM82000. Fast forward to today, and digital coin now has an average worth of RM230000 and in response to the new surge, NVIDIA announced that it was launching its Cryptocurrency Mining Processor (CMP), a GPU lineup dedicated entirely to mining not Bitcoin, but the second most lucrative cryptocurrency on the market, Ethereum.

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