NVIDIA settles for millions due to ‘insufficient information’ about cryptomining

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NVIDIA settles for millions due to ‘insufficient information,

Chipmaker NVIDIA settles for 5.5 million dollars (5.2 million euros) with the American stock market watchdog SEC. The regulator says NVIDIA has not properly informed its shareholders about the effect of mining cryptocurrencies on the sales figures of its gaming processors.

The SEC reports that NVIDIA should have told shareholders that sales of its graphics processors were affected by the growing cryptomining market.

When mining cryptocurrencies, computer systems solve mathematical formulas to verify bitcoin transactions, for example. Solving those puzzles requires a lot of computing power, which uses powerful processors. This process yields the owner bitcoins.

In 2018, according to the SEC, NVIDIA did too little to inform shareholders that the gaming processor sales were rising, as they were widely used by cryptominers.

NVIDIA would have known that. Because of the popularity of mining, shareholders did not get a good view on the sale of the processors, the SEC says.

The chip manufacturer reached a settlement with the regulator and will pay 5.5 million dollars. The company does so without pleading guilty or refuting the accusation.

NVIDIA has also not said anything about it through spokespersons.

NVIDIA settles for millions due to ‘insufficient information’ about cryptomining

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