Nvidia, the world’s biggest graphics card and chip maker, in a statement, announced that it had officially ended its quest for cryptocurrency investing. The company linked its abrupt decision to decline in demand on various cryptocurrency products over the past few months.

In the statement, Nvidia’s CFO Colette Kress said, “We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto – specific product revenue was $18 million, and we now expect a negligible contribution going forward.”

Kress’s sentiments drew support from several Nvidia officials with Jensen Huang, the CEO adding that the organization’s cryptocurrecy-focused mining chips had declined substantially hence negatively impacting its revenue expectations as prices on cryptocurrencies maintained a downward trend.

Nvidia first came to the limelight in the crypto venture and its subsequent decision to abandon the concept after July’s Bitmain profit gains where the renowned bitcoin mining company amassed $1.1bn in profits during the first quarter of 2018, while Nvidia recorded $550 million from all its operations combined, about 50% less of Bitmain’s gains.

Although Nvidia draws most of its revenue from graphics card and chip manufacturing sales, its attempt to level with Bitmain in cryptocurrency and overall market returns were futile leading to its decision to put an end to the venture.

While analysts remained speculative unto Nvidia’s move, the company defended its measures saying that the downtrend in the crypto market was inaccurate, essentially due to Bitmain, whose revenue is collected from its primary operations, similar to those conducted by Nvidia’s cryptocurrency division, were higher after the first three months compared to Nvidia’s collective revenue drawn from all its divisions.

Although major cryptocurrencies prices are still fighting hard in the bear market, falling more than 70% on average, the hash rate of bitcoin’s upward rate within the past eight months offers promising results.

Generally, demand for cryptocurrency mining, which has seen an all-time high, and mining companies like Bitmain, Canaan, and Samsung publishing better results, Nvidia’s decline in cryptocurrency investing and its measures to let go the quest does not affect the overall trend of the cryptocurrency market.

Analysts attest falling demand for GPU cryptocurrency mining as the subject to Nvidia’s concerns with cryptocurrency and not the unstable nature of digital currencies as observed recently. With just a handful of tokens and cryptocurrencies accessible through GPU mining, miners will consequently lack interest to invest on selected digital assets.

Another problem has been attributed to computing power required by miners and the computing power in regards with the chips used to create graphic cards.

Mining equipment for cryptocurrencies requires continuous improvement for better returns. With the manufacturing and enhancement of this equipment under the control of big companies in the cryptocurrency mining sector, reliance on graphic cards or chips that are not designated to produce digital assets may not present the best returns.

It is evident that Nvidia’s cryptocurrency investing did not come to an unwarranted end because demand for cryptocurrency and other digital assets mining had fallen but rather because GPU miners and graphic cards utilized were inefficient when compared to the recommended ASIC miners (mining chips designed for cryptocurrency mining).