Mining boom 2018: Nvidia pays $5.5 million fine for false identities

Mining-Boom 2018: Nvidia zahlt 5,5 Mio. USD Strafe für Falschausweisung

In 2018, Nvidia posted revenue from graphics cards for mining under Gaming. This has had consequences for Nvidia several times, now again. Without taking much action against the US Securities and Exchange Commission (SEC) allegations, Nvidia accepts a US$5.5 million fine – possibly closing the issue in the end.

The SEC investigation therefore has a more symbolic meaning, as the US$5.5 million does not harm Nvidia, as the statement already makes clear. Accordingly, the group doesn’t even take action against it, perhaps because it isn’t worth the effort or just because other things may come up. So the group accepts the smaller penalty in percentage terms. Be aware that Nvidia made a profit of US $ 9.75 billion last year

Without accepting or denying the SEC’s findings, NVIDIA agreed to award a cease-and-desist order and a $5.5 million fine.

A lawsuit by shareholders from 2020 was recently in Nvidia’s favor, as it was difficult or impossible to prove whether and how intentionally when and where it was booked. Ultimately, the gaming division had the graphics card designation wrong for mining, but losses to shareholders after the end of the boom were not directly attributable to it. Today’s SEC decision ultimately refutes this process of false declaration and falsified truth, but ultimately lets Nvidia off the leash.

The company learned from this. Recently, Nvidia introduced separate mining cards and publicly limited the regular model for mining use – the Keyword Light Hash Rate (LHR). The number of non-reported graphics cards that are sold as gaming solutions but are still used on mining farms may still look different than those presented in the quarterly report, but even here Nvidia always Emphasizes that they have no influence over it. This makes the company less vulnerable than it was during the first mining boom, when the issue was more than obvious and later came back as a big boomerang.

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