Sec Issues Nvidia 5 5M Fine Over Inadequate Cryptomining Disclosures
The SEC report [pdf] found that during consecutive quarters in Nvidia’s 2018 fiscal year – as crypto prices boomed and a global chip shortage took hold – the company failed to disclose that its GPUs were increasingly being used for cryptomining and that this was a significant element of its material revenue growth. “Nvidia’s senior management internally expressed a desire to capture the cryptomining demand, and at the same time shelter its gaming business from cryptominers and protect supply of GPUs for gamers,” said the SEC report....