SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significa...
The 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 and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The....
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The U.S. Securities and Exchange Commission has now penalized graphics card manufacturer Nvidia $5.5 million for failing to disclose to investors how much of its 2017-2018 revenue comes from cryptocurrency miners. Friday, the SEC confirmed the charges and settlement with the company. In its ruling, the agency asserts that Nvidia misled investors by declaring a […]
"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....
Top GPU manufacturer Nvidia is celebrating after a judge nixed the lawsuit accusing it of misleading investors by “understating” GPU sales to crypto miners. A three-year-old lawsuit accusing Nvidia of “misrepresenting $1 billion in sales” of crypto mining hardware during the 2017/2018 bull run came to a close on Mar. 2, with a California district court judge ruling in favor of the GPU manufacturer.The lawsuit alleged Nvidia misled investors by overstating demand from gamers as their primary sales audience. According to a summary of court documents by Law360, Judge Haywood Gilliam granted....
On Friday, the publicly listed firm Hut 8 announced the purchase of $30 million worth of Nvidia’s dedicated crypto mining GPUs called the Cryptocurrency Mining Processor (CMP). Nvidia CMPs mine the crypto asset ethereum and Hut 8 expects its aggregate operational power will be 1,600 gigahash. Hut 8 Purchases $30 Million Worth of Nvidia’s Dedicated GPU Miners On the heels of joining Foundry’s U.S. bitcoin mining pool, the firm Hut 8 Mining (TSX: HUT) revealed it has purchased $30 million worth of Nvidia CMPs. The Nvidia CMP HX product is described as a “dedicated GPU....
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....