Since the end of 2017, the cryptocurrency space has been in the limelight mainly because of its price movement. bitcoin [BTC] and other cryptocurrencies rose to their all-time high towards the end of 2017 and the beginning of 2018. This massive push was not only a delightful event to the traders and investors but also to all the firms associated with the cryptocurrency space.
However, this rise was short-lived as a majority of the cryptocurrencies started to descend the market soon, with some seeing a significant loss of over 90% since their all-time high. This descend also had a massive effect on both cryptocurrency investors and firms associated with the cryptocurrency space.
One of the most-significant industry that was hit because of the crypto-market is noted to be the one associated with mining activities. This includes mining rigs and chip producers. According to recent reports, mining companies such as Bitmain have been hit by the decreasing value of bitcoin and other cryptocurrencies.
Nvidia, a bitcoin chip-maker giant, was also noted to be one among these firms. More so, its involvement with the cryptocurrency space is believed to be one of the reasons that traditional investors are weary of its stocks price.
Now, according to reports, , the bitcoin chip producer acquired Mellanox, an Israeli technology giant that develops networking technology for data center applications. More so, the firm was reportedly acquired for over $6.9 billion.
The report stated that if this acquisition did happen, then it would “help the company diversity its business and reduce its dependency on graphic cards, a market which has been at the mercy of cryptocurrency miners for years.”
The report also said:
“The purchase would also provide Nvidia with a wider pool of technology and talent for improving workstation and gaming processor connections.”
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Published at Wed, 13 Mar 2019 22:58:41 +0000
