The cryptocurrency market was a big catalyst for NVIDIA (NASDAQ: NVDA) back in 2017 and 2018, as currency miners lapped up graphics processing units (GPUs) in big numbers to help in their efforts to mine Ethereum, bitcoin, and other digital currencies. According to one estimate, cryptocurrency miners reportedly bought 3 million graphics cards in 2017, worth $776 million. This lead to a shortage of graphics cards, and video gaming enthusiasts had to pay huge premiums to get their hands on NVIDIA and/or AMD's chips.
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Microsoft's VP of gaming Phil Spencer says gaming is in the midst of the same transformation that TV and music saw with streaming services.