Advanced Micro Devices’ first-quarter earnings results were buoyed by cryptocurrency mining revenue, but the chipmaker warned the volatility is getting in the way.
AMD in Q1 generated a higher percentage of its revenue from sales of its graphics chips that are used to power computers in the cryptocurrency mining process for digital currencies like bitcoin and ethereum.
The company, however, is bracing for a “modest decline” in blockchain-fueled revenue in the second quarter even as bitcoin has turned a corner. Nonetheless, AMD CEO Lisa Su expects mining demand will be around for the long term.
“I do think the blockchain infrastructure is here to stay. I think there are numerous currencies. There are numerous applications that are using the blockchain technology,” said Su on the earnings call.
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