Crypto news: Nvidia’s mining addition adds $277 billion in market value

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Latest news: Nvidia, the technology company also involved in crypto mining, has added 277 billion dollars in market value. This gain is the largest ever in a single day.

Crypto news: Nvidia’s mining has gained $277 billion in market value in just one day

Nvidia, the crypto mining company, has added 277 billion dollars in market value. This gain is the largest ever in a single day. 

“Nvidia $NVDA adds 277 billion dollars in market value today, the biggest single-day gain in history.”

Apparently, however, this achievement does not come from cryptocurrency mining, but it seems to come from the company’s contribution to the growing Artificial Intelligence (or AI) sector. 

Nvidia is proving to be the leading company and the most important in the development of chips for AI technology. In fact, its graphics processors have been necessary as servers for these AI models. 

When it comes to earnings, in the fourth quarter of 2023 Nvidia recorded a revenue of 22.1 billion dollars, with an increase of almost 250%. Moreover, since 2022, the value of Nvidia’s shares has exceeded a market cap value of over 1.7 trillion dollars.

Crypto News: Nvidia stocks soar but not thanks to mining

Even the shares of Nvidia Corp (NVDA) have seen a price surge of +16.4% closing at 785.38 dollars on Thursday. Moreover, in the last month, NVDA has increased by +31.15%, and in the last year by +226%.

Returning to yesterday’s trading day, operators exchanged Nvidia shares for a value of 65 billion dollars, equivalent to almost one fifth of all trades of S&P 500 stocks.

As we were saying, however, this current milestone does not depend on cryptocurrency mining. In fact, Nvidia remains one of the world’s largest producers of graphics cards for computers, which have been widely used in the field of crypto mining in the past.

Initially, Nvidia cards were also used for Bitcoin mining, but then they were replaced by the so-called ASICs, devices designed to perform a single task, in particular the extraction of hashes. 

Graphics cards have moved into the gaming sector and beyond. But today, Nvidia is experiencing success thanks to the production of chips for Artificial Intelligence. 

The current surge has made Nvidia the third most valuable company in the US stock market, surpassing Google and Amazon in the ranking. Currently, Nvidia is on the podium only behind Apple and Microsoft as the richest companies in the market.

Version 0.4 RTX Remix: the AI tool suite for gaming

At the end of January 2024, Nvidia released version 0.4 of RTX Remix which serves as a AI tool suite, usable by gaming enthusiasts.

The new modding platform is available in open beta, so it can be tested by everyone. Its goal is to add new gameplay features and improve the graphic textures of those games that use DirectX 8 and 9 technologies. 

Not only that, the new version of RTX Remix features an updated DXVK implementation that aims to solve issues related to capture, geometry corruption, stability, and more. 

The launch of this new product reflects Nvidia’s commitment to being an innovator, a leader in the chip and graphics card industry, bringing back the focus on gaming and gradually shifting attention away from speculative mining of Bitcoin.