The ones who made fortunes during the American gold rush were the people selling shovels, not the ones panning for gold.

Correction: all of those selling shovels, a few of those who found gold. It’s different distributions.

True, which is even more relevant for something like blockchain techs, which are basically bets.

Unfortunately in the crypto winter, crypto shovel sellers like Coinbase are doing quite badly as well.

I think you need to go a layer or two deeper to find the shovel vendors, maybe those selling compute?

Nvidia and AMD sold quite a few GPUs to crypto miners.

It seems that they also bet on the hypetrain lasting longer. They are now trying to cancel some of their TSMC orders. [1] They'll probably end up with a juicy profit overall anyway, but perhaps the more clear shovel sellers here are foundries like TSMC and Samsung.

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[1] https://videocardz.com/newz/nvidia-reportedly-wants-to-cut-t...

Clear winner is energy companies who sell electricity to miners :(

Investing into an illegally tapped coal power plant in Mongolia is about as safe an investment as investment in crypto itself.

People using stolen credentials to mine crypto on cloud GPUs is a huge hassle/financial loss for cloud vendors.

NVIDIA seem to have done pretty well out of it.