In its recent earnings report, NVIDIA says it generated around $602 million in crypto-related sales. Not so, says Royal Bank of Canada capital market analyst Mitch Steves, who did some math and claims the actual number is closer to $1.95 billion. While the figure isn’t something he can definitively prove, AMD’s earnings report lends credence to the theory ($234M/25% vs. NVIDIA’s hypothetical $1.95B/75%, with total crypto revenue being $2.75B). Some presume NVIDIA is concealing revenue in a desperate attempt to smooth over their stock troubles. By his calculation, the total crypto revenue from April 2017 to July 2018 should be around $2.75 billion, based on the hash rate of ethereum and other cryptocurrencies that require graphics processing units. Steves estimates Nvidia captured around 75% of the total crypto market during that period and AMD captured the rest. There is no way to actually confirm the numbers, according to Steves. Steves said that AMD's recent earnings release added another piece of evidence that Nvidia's exposure to crypto should be higher than it revealed.