Nvidia wins crypto mining lawsuit against its investors

In late 2018, many investors filed a class action lawsuit against Nvidia for making false claims about the game’s revenue growth during the 2017 crypto boom. Gamers and cryptocurrency miners.

2017 saw unprecedented growth in the crypto market as the price of digital currency rocketed to an all-time high. The booming crypto mining industry has created a demand for high-end GPUs and even created bottlenecks.

GPU was one of the most effective tools for mining cryptocurrencies at the time. Their prices hit new highs, nearly tripling Nvidia’s market value during the crypto mining boom. When Bitcoin price fell in late 2018, GPU demand declined proportionally, causing Nvidia sales to decline in the final quarter of 2018.

Investors then accused the company of falsely reporting that the strong GPU demand came from gamers, not crypto miners. According to them, claims that decreased demand from crypto miners will not negatively affect their business.

Nvidia’s 2018 sales and shares decline has resulted in investor losses and class actions against the company.

However, the court dismissed the lawsuit this month, saying plaintiffs were unable to produce sufficient evidence that Nvidia had deliberately misled investors. Nvidia won’t pay investors more than $ 1 billion.