NVIDIA Fined $5.5 Million Fine As it did not Disclose 2018 Crypto Revenue

[rumple9]

https://www.guru3d.com/news-story/n...-it-did-not-disclose-2018-crypto-revenue.html

NVIDIA failed to properly tell its shareholders about the impact of cryptocurrency mining on the sales figures of its gaming processors

 

[Nexus18]

Nvidia right now:

 

[Gerard]

A fine they'll pay with money found down the back of a random sofa in their hq.

 

[humbug]

Nvidia right now:

lol yeah, $5.5m is like reaching in to the copper jar for someone like Nvidia, they make 5X more than that in a day.

 

[Hotwired]

What was it even worth to Nvidia to lie about their cards being significantly sold for purposes of crypto.

 

[Freddie1980]

What was it even worth to Nvidia to lie about their cards being significantly sold for purposes of crypto.

Yes as they were worried about the impact on the share price. Most of execs in large companies have a large part of their compensation based on stock award compensation so it's well worth being discrete with the truth if you think you can get away with it.

 

[Gerard]

Fine them 5.5 billion, just for the craic. Might make them think twice before doing backdoor deals with miners.

 

[Marine-RX179]

US$5.5 millions is like pocket change to Nvidia lol

 

[hyperseven]

Old news was posted in the crypto section last Friday https://forums.overclockers.co.uk/threads/nvidia-settles-over-mining-disclosure.18951767/

 

[TNA]

Fine them 5.5 billion, just for the craic. Might make them think twice before doing backdoor deals with miners.

Exactly. What a useless fine this is.

 

[ScottiB]

What was it even worth to Nvidia to lie about their cards being significantly sold for purposes of crypto

It was all an attempt to "save face". If they told the truth to the investors then it would have become public record.

At the time their board partners and resellers were being abused by a portion of end users due to short supply. I lost count of the number of times that OcUK and other UK resellers were accused of selling all of the stock to miners even though we went out of our way to put steps in place to prevent this as much as possible.

The simple facts are that whilst there were many, many thousands of back orders world wide, Nvidia were supplying thousands of GPUs directly to miners. I can't really comment on the fine but I'm sure it's nowhere near the amount that they made by direct sales & restricting supply which forced prices up.

 

[Nexus18]

It was all an attempt to "save face". If they told the truth to the investors then it would have become public record.

At the time their board partners and resellers were being abused by a portion of end users due to short supply. I lost count of the number of times that OcUK and other UK resellers were accused of selling all of the stock to miners even though we went out of our way to put steps in place to prevent this as much as possible.

The simple facts are that whilst there were many, many thousands of back orders world wide, Nvidia were supplying thousands of GPUs directly to miners. I can't really comment on the fine but I'm sure it's nowhere near the amount that they made by direct sales & restricting supply which forced prices up.

Is that Nvidia itself though or the 3rd party ones who were supplying miners? Just when you see all the mine farms and stocks being escorted away by miners, it was always aib models on show.

 

[G J]

Found a livestream vid from Tech Yes City I watched months ago thats timestamped that briefly discusses a twitter post about some miner flexing and you can see all the founders edition cards lined up.

He also goes into more about it and seems certain that its the distributors that are breaking the rules though I dont keep up with all the ins and outs of this some more info may of came out from other places since.

I agree with others here that the fine is pathetic.

 

[humbug]

It was all an attempt to "save face". If they told the truth to the investors then it would have become public record.

At the time their board partners and resellers were being abused by a portion of end users due to short supply. I lost count of the number of times that OcUK and other UK resellers were accused of selling all of the stock to miners even though we went out of our way to put steps in place to prevent this as much as possible.

The simple facts are that whilst there were many, many thousands of back orders world wide, Nvidia were supplying thousands of GPUs directly to miners. I can't really comment on the fine but I'm sure it's nowhere near the amount that they made by direct sales & restricting supply which forced prices up.

Why sell a GPU to retailers for $400 when you can sell it directly to crypto miners for $600 and take 0 backlash for it by just not telling anyone.

Its a crumby thing to do to retailers not just because they get the blame by gamers who have images of GPU's by the thousands stacked up in mining farms burned it to their minds as they are being told, "yeah sorry, no GPU's for you" but also as Nvidia expect you to continue as a sales outlet for them while they profiteer from what was meant to be your stock, you have your own staffing and property costs.

 

[ScottiB]

Is that Nvidia itself though or the 3rd party ones who were supplying miners? Just when you see all the mine farms and stocks being escorted away by miners, it was always aib models on show.

It's fair to say that certain AIBs weren't blameless in this, but two wrongs...

 

[CuriousTomCat]

Nvidia couldn't have bought this level of media attention for anywhere near 5.5 million. Their marketing manager is probably laughing his head off.

 

[gpuerrilla]

Old news was posted in the crypto section last Friday https://forums.overclockers.co.uk/threads/nvidia-settles-over-mining-disclosure.18951767/