Yet another one of NVIDIA’s dodgy dealings has come out into the limelight, NVIDIA’s CEO, Jensen Huang has undoubtedly defrauded shareholders as the company faces a miniscule $5.5 Million dollar SEC fine for undisclosed cryptocurrency revenue throughout the 2018 fiscal year.
NVIDIA failed to disclose to shareholders just how many of its NVIDIA GeForce graphics cards were arbitrarily being sold behind closed doors directly to cryptocurrency miners and mining firms, with sales attributed to cryptocurrency mining marking up a significant portion of overall GeForce sales during this period, illuding stockholders with falsified quarterly reports with stellar sales.
From NVIDIA’s 2018 fiscal year reported exponential growth, the company recording revenue increases year-over-year amassing $9.71 Billion dollars, up 41% from the previous year.
However the SEC deems that NVIDIA had misreported its FY18 results, as the SEC believes that NVIDIA had boasted its GeForce “Gaming” revenue from cryptocurrency mining.
“NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit. “All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete, and accurate.”The SEC’s order finds that NVIDIA violated Section 17(a)(2) and (3) of the Securities Act of 1933 and the disclosure provisions of the Securities Exchange Act of 1934. The order also finds that NVIDIA failed to maintain adequate disclosure controls and procedures. Without admitting or denying the SEC’s findings, NVIDIA agreed to a cease-and-desist order and to pay a $5.5 million penalty.
The result? Just a $5.5 Million dollar fine, to even call this a slap on the wrist is a dramatic overstatement, such a small and insignificant figure is easily earned back by the company in just a single day of operation, while of course NVIDIA themselves go on record fluffing their own quarterly reports and withholding sensitive information to its share holders.
NVIDIA is a fraudulent company, like many others, its shareholders should be investigating legal recourse upon this revelation, the company itself is more focused on niche markets such as Artificial Intelligence and Self Driving Cars, simply because these gimmicks aid in terms of inflating NVIDIA’s stock value.
By comparison NVIDIA have merely lost a single penny under the sofa, regarding the insane crypto boom around 2017 and following years, while NVIDIA gets stuffed with a $5.5 Million dollar fine it’s entirely likely that the company could’ve easily walked off with hundreds of millions of dollars from its back alley dealings.
God knows just how much NVIDIA have made following 2017, I’m guessing by that point we’re probably looking at figures in the billions.
Cryptocurrency at the moment is falling gradually, with Ethereum’s network hash rates exceeding a petabyte and stalling, cryptocurrency prices had gradually fallen alongside increased difficulties resulting in much lower profits.
With the demand for GPU mining falling, naturally the prices of graphics cards have tumbled as well, no way are they back towards their originally slated MSRP figures but they’ve made a considerable recovery, right on the cusp of the next generation of products from both AMD and NVIDIA.
So now that gaymers can buy their graphics cards close to MSRP pricing, you wouldn’t exactly want to considering how in just a few short months your purchase will not only be overshadowed in performance but its second hand value will certainly be “rug pulled”.
With “supply” excuses diminishing, crypto prices falling, we need a solution. Coincidentally during this time of uncertainty from an overinflated cryptocurrency market, NiceHash have announced that it has bypassed NVIDIA’s LHR or Lite Hash Rate restriction entirely.
While the limiter had been bypassed through external means such as a phony HDMI plug, and subsequently resolved with later hardware releases, NVIDIA’s LHR restriction at one point in time cucked the Ethereum mining hash rate by 50%.
NiceHash had already somewhat improved performance drastically on the supposed “gaming” LHR variants of graphics cards so now the hash rate losses would be around the 30% mark, however that didn’t stop various news outlets from reporting an obvious LHR bypass scam, because tech urinalists are retarded.
NiceHash however have seemingly bypassed the restriction of LHR graphics cards entirely, only available with their QuickMiner utility with the bypass making its way into the standard NiceHash Miner shortly, Lite Hash Rate components can now produce their full fledged ETH mining performance much like their non-LHR variants.
Not all LHR graphics cards get a massive boost in their profitability unfortunately, with the RTX 3050 and RTX 3080 12GB models being excluded from support, not that anyone with enough braincells to rub together would ever redeemably purchase such garbage products to begin with.
BenchmarkPL have already tried out the new LHR bypass on NichHash QuickMiner, with their own RTX 3080 Ti (LHR) graphics card being bumped from 85-88 MH/s normally to a recorded 117 MH/s when mining Ethereum, an increase of well over 30%.
But it begs to question really, NVIDIA gets dobbed in for fudging quarterly reports, defrauding shareholders, coincidentally as the market seemingly “recovers” right before RTX 3000 series products are to be kicked to the curb out comes a proper functioning bypass to their Lite Hash Rate restrictions, increasing profits exponentially.
I’m sure none of this is connected, this is all one big (((cohencidence))). But at least what we do know is that NVIDIA certainly loves to fuck over gamers worldwide.