Cryptocurrency Mining Equipment Global Market Report 2024

The global cryptocurrency mining equipment market has grown strongly in recent years. It will grow from $4.73 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historical period can be attributed to shifts in mining pools, changes in the global regulatory environment, adjustments in Bitcoin difficulty levels, consensus and forks within the community, and the fluctuating prominence of GPU mining.

The cryptocurrency mining equipment market is poised for growth, propelled by the escalating market capitalization of cryptocurrencies. Market capitalization, a crucial metric in the cryptocurrency realm, serves as a yardstick for assessing the size and prominence of cryptocurrencies. This metric aids investors in gauging the actual value of companies and their comparative size. As per a report from the International Monetary Fund (IMF) in October 2021, the collective market value of crypto assets, including market capitalization, surged past $2 trillion, marking a tenfold increase from the previous year. This surge in cryptocurrency market capitalization is a driving force behind the growth of the cryptocurrency mining equipment market.

The cryptocurrency mining equipment market is set to benefit from the expanding adoption of blockchain technology. Blockchain, a decentralized ledger system, is increasingly being embraced across industries for secure transaction recording and verification. The rise of blockchain technology has spurred a heightened demand for mining equipment, crucial for securing and validating transactions within decentralized networks. The growth of the cryptocurrency ecosystem, coupled with the reliance on consensus mechanisms and the development of blockchain-based applications, has created a demand for mining equipment. Alchemy Insights Inc. reported a substantial 24.7% growth in Ethereum smart contract creation in Q1 2022, reaching a total of 1.45 million contracts. This surge reflects the increasing adoption of blockchain technology, further fueling the cryptocurrency mining equipment market.

A notable trend in the cryptocurrency mining equipment market is the emphasis on product innovation. Key players in the market are actively engaged in developing new products incorporating advanced technologies to fortify their market positions. Nvidia Corporation, a leader in artificial intelligence computing within the cryptocurrency mining equipment market, introduced the cryptocurrency mining processor (CMP) in February 2021. The CMP line, designed specifically for professional cryptocurrency mining, boasts unique features such as no display output, lower peak core voltage, and frequency. These features enhance mining power efficiency, allowing miners to construct highly efficient data centers while preserving GeForce RTX GPUs for gaming purposes.

Major companies in the cryptocurrency mining equipment market are focused on creating sustainable and efficient mining solutions to gain a competitive edge. The launch of innovative bitcoin miners is one such initiative. Auradine, a web infrastructure solutions company, introduced the Teraflux Bitcoin miners in November 2023, featuring advancements in ASIC technologies. These air-cooled and immersion miners are positioned as the world's fastest and most energy-efficient, incorporating Auradine's EnergyTune technology. The launch also includes the Invest in Bitcoin America program, aiming to bolster the North American mining ecosystem. The Teraflux miners offer high performance, sustainability, and efficiency with features like dynamic hash rate adjustment, operating temperatures up to 50°C, and cloud-based management through FluxVision.

In December 2021, Riot Blockchain, a US-based Bitcoin mining company, acquired ESS Metron for $50 million. This acquisition not only strengthened Riot's position in Bitcoin mining but also mitigated procurement risks associated with mission-critical infrastructure, ensuring timely miner installations. ESS Metron, a premier provider of highly-engineered electrical equipment solutions, contributed significantly to Riot's Bitcoin mining infrastructure.

Major companies operating in the cryptocurrency mining equipment market report are Advanced Micro Devices Inc., Russian Miner Coin, Halong Mining, Zhejiang Ebang Communication Co. Ltd., NVIDIA Graphics Pvt. Ltd., Bitmain Technologies Ltd., Taiwan Semiconductor Manufacturing Company, Canaan Creative Co. Ltd., Bitfury, Samsung Group, SBI Holdings, GlobalFoundries, United Microelectronics Corporation (UMC), Bitfarms Ltd., Intel Corporation, Northern Data AG, DMG Blockchain Solutions Inc., Holicity Inc., Greenidge Generation Holdings Inc., Digihost Technology Inc., CleanSpark Inc., Bit Digital Inc., Core Scientific Holding Co., Stronghold Digital Mining Inc., Bit5ive LLC, Blockcap Inc., Foundry Digital LLC, Luxor Technologies Inc., Compute North LLC, Gryphon Digital Mining Inc., BitRiver AG, Compass Mining Inc.

Asia-Pacific was the largest region in the cryptocurrency mining equipment market in 2023. The regions covered in the cryptocurrency mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cryptocurrency mining equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The cryptocurrency mining equipment market consists of sales of motherboards, RAM (random-access memory), PSU (power supply unit), and PCI-e risers (peripheral component interconnect express). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Key types of cryptocurrency mining equipment encompass Graphics Processing Units (GPUs), Field Programmable Gate Arrays (FPGAs), application-specific integrated circuits (ASICs), and PC or CPU mining. Graphics Processing Units (GPUs) are electronic circuits capable of rendering graphics for display on computers or other electronic devices. Cryptocurrencies such as Bitcoin, Ripple, and Ethereum are mined using these equipment types, serving various applications like remote hosting services, cloud mining, and self-mining.

The cryptocurrency mining equipment research report is one of a series of new reports provides cryptocurrency mining equipment market statistics, including cryptocurrency mining equipment industry global market size, regional shares, competitors with a cryptocurrency mining equipment market share, detailed cryptocurrency mining equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the cryptocurrency mining equipment industry. This cryptocurrency mining equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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