News From The Crypto Currencies Scene

AMD Doesn t Count On Cryptocurrency Mining As A Growth Driver

AMD Doesn’t Count On Cryptocurrency Mining As A Growth Driver

The huge rise in demands for graphic cards by cryptocurrency miners has increased the sales for AMD in recent times. AMD has generated revenue of $1.22 billion in the second quarter of 2017 which was up by 19% as compared to the previous year data.

The company is still not counting on cryptocurrency mining for its long-term strategy for growth, despite the phenomenal earnings in the Q2, according to the president and CEO of the firm, Lisa Su.

In a call, Su explained the company’s further plans saying, “Relative to cryptocurrency, we have seen some elevated demand”. Su further told the company was not expecting cryptocurrency and certainly not looking at it for driving growth.  “But we'll certainly continue to watch the developments around the blockchain technologies as they go forward."

Depending on how the situation progresses in the future, it can change the state of affairs.

Cryptocurrency mining, an energy intensive process lets miners add new blocks to a blockchain which awards in new tokens. The profits are derived from the energy expended and the ongoing exchange rate of those tokens.

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