Computing hardware maker NVIDIA has settled with the Securities and Exchange Commission (SEC) for $5.5 million over alleged „inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.”
The SEC announced the news today, saying that its order found that the company failed to disclose mining as a significant element of its revenue growth. During consecutive quarters in fiscal year 2018, the company did not disclose that crypto mining was a main driver of the sale of its graphics processing units (GPUs), according to the SEC.
Those GPUs were marketed and designed for gaming, but amid 2017’s bull run, many began purchasing high-end GPUs to mine crypto. As Mark D’Aria, CEO of Bitpro Consulting, a retailer of used GPUs, told The Block in a recent look at GPU price trends:
“There was a much bigger demand for these super high-end GPUs that gamers never really were willing to pay on average that much for,” he said. “Because miners were willing to
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