The Block: Nvidia estimates $150 million in revenue from new crypto mining product in Q1 of 2022 fiscal year

Computing hardware maker Nvidia is projecting as much as $150 million in revenue for its crypto mining-specific product line during the first quarter of the firm's 2022 fiscal year.

The $150 million revenue estimate was included in an April 12 release , which came months after the firm confirmed that it would produce and sell so-called Cryptocurrency Mining Processor or CMPs. That move in February came as the firm responded to its gamer customer base's outcry over GPU supplies being snapped up by crypto miners once they hit the market.

As noted in Monday's release:

"The company also raised its first-quarter revenue estimate for its new CMP product for industrial-scale cryptocurrency mining to $150 million, up from $50 million previously expected."

Nvidia's Q1 FY 2022 ends on April 27, encompassing the prior three months.

Nvidia did not provide any additional information regarding the estimates. However, recent revenue figures from the Ethereum mining space -- which uses GPU products like Nvidia's -- suggest that demand for such hardware will continue amid a period of heightened digital asset prices.

The price of ether, the native cryptocurrency of the Ethereum network, hit a new all-time high on Monday. Per Coinbase data, ETH is currently trading at about $2,145.