Cryptocurrency is one area of finance and economics that has attracted the interest of several disciplines. Several financial and technology analysts are investing in this area, highlighting its complexity and lack of agreement on many aspects. Major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have captured the attention of many IT executives and technologists. Cryptocurrency mining is the process of creating a new cryptocurrency. It is also the method by which the network certifies recent transactions and is an essential component of the blockchain ledger’s upkeep and development. In other words, mining is a method of maintaining records that uses much processing power. The decentralized peer-to-peer network that every miner contributes to makes the payment network. The process of mining involves the use of sophisticated hardware to solve a highly complicated computational arithmetic problem. The first computer to solve the puzzle receives the next block of cryptocurrency, and the cycle repeats.
Increase in adoption of digital currency and increase in adoption of Bitcoin is boosting the growth of the global cryptocurrency mining hardware market. In addition, increase in use of digital transformation technology is positively impacts growth of the cryptocurrency mining hardware market. However, high cost of cryptocurrency mining hardware and increasing security concerns is hampering the market growth. On the contrary, increasing internet penetration rate and rising launch of advanced cryptocurrency mining processors is expected to offer remunerative opportunities for the expansion of the cryptocurrency mining hardware market during the forecast period.
The cryptocurrency mining hardware market is segmented on the basis of by type, coin, application, and region. On the basis of type, the market is categorized into central processing unit, graphics processing unit, application-specific integrated circuit and field programmable gate array. On the basis of coin, the market is fragmented into Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and others. On the basis of application, the market is bifurcated into enterprise, and personal. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the cryptocurrency mining hardware market are BITMAIN Technologies Holding Company, INTELION MINE LLC, INNOSILICON Technology Ltd, NVIDIA Corporation, Zhejiang Ebang Communication Co,Ltd, Advanced Micro Devices, Inc., Parallel Miner, Canaan Inc., AsicMinerz, and Bitfury Group Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Information about key drivers, restraints, and opportunities and their impact analysis on global cryptocurrency mining hardware market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2032 is provided to determine the market potential.
Increase in adoption of digital currency and increase in adoption of Bitcoin is boosting the growth of the global cryptocurrency mining hardware market. In addition, increase in use of digital transformation technology is positively impacts growth of the cryptocurrency mining hardware market. However, high cost of cryptocurrency mining hardware and increasing security concerns is hampering the market growth. On the contrary, increasing internet penetration rate and rising launch of advanced cryptocurrency mining processors is expected to offer remunerative opportunities for the expansion of the cryptocurrency mining hardware market during the forecast period.
The cryptocurrency mining hardware market is segmented on the basis of by type, coin, application, and region. On the basis of type, the market is categorized into central processing unit, graphics processing unit, application-specific integrated circuit and field programmable gate array. On the basis of coin, the market is fragmented into Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and others. On the basis of application, the market is bifurcated into enterprise, and personal. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the cryptocurrency mining hardware market are BITMAIN Technologies Holding Company, INTELION MINE LLC, INNOSILICON Technology Ltd, NVIDIA Corporation, Zhejiang Ebang Communication Co,Ltd, Advanced Micro Devices, Inc., Parallel Miner, Canaan Inc., AsicMinerz, and Bitfury Group Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global cryptocurrency mining hardware market forecast along with the current and future trends to explain the imminent investment pockets.Information about key drivers, restraints, and opportunities and their impact analysis on global cryptocurrency mining hardware market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Type
- Central Processing Unit
- Graphics Processing Unit
- Application-Specific Integrated Circuit
- Field Programmable Gate Array
By Coin
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Others
By Application
- Enterprise
- Personal
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Advanced Micro Devices, Inc.
- INTELION MINE LLC
- INNOSILICON Technology Ltd
- Parallel Miner
- Canaan Inc.
- Bitfury Group Limited
- BITMAIN Technologies Holding Company
- AsicMinerz
- Zhejiang Ebang Communication Co., Ltd.
- NVIDIA Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CRYPTOCURRENCY MINING HARDWARE MARKET, BY TYPE
CHAPTER 5: CRYPTOCURRENCY MINING HARDWARE MARKET, BY COIN
CHAPTER 6: CRYPTOCURRENCY MINING HARDWARE MARKET, BY APPLICATION
CHAPTER 7: CRYPTOCURRENCY MINING HARDWARE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the cryptocurrency mining hardware market was valued at $1.8 billion in 2022, and is estimated to reach $5 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.Cryptocurrency mining hardware is a complex computational and technological process of validating the bitcoin transactions over the network. It is like a process of validating a block on the chain network and getting paid in cryptocurrency. Moreover, people who are involved in this process of mining are known as miners. The reason why it is called ‘mining’, is because just like any other form of natural resources, there is a finite number of Bitcoins available.
Key factors driving the growth of the cryptocurrency mining hardware market include Increase in adoption of digital currency, increase in adoption of Bitcoin, and increase in use of digital transformation technology , the number of Bitcoin are increasing across the globe, owing to better financial management and correct investments, , the growing interest of investors, and supporting regulations are further augmenting the market growth. Bitcoin is one of the most popular and majorly adopted digital cash globally. In addition, maturing Bitcoin cash value and the facility to offer rewards for transactions also upsurge digital cash’s market value. Developing countries such as Japan, the U. S., European countries, and others indicate people's inclination towards digital currency, which is expected to facilitate the cryptocurrency mining hardware market growth in upcoming years. Therefore, investors are enabling cryptocurrency mining to have a secure investment during the pandemic, which in turn drives the growth of the market.
The market also offers growth opportunities to the key players in the market. Increasing penetration of 3G and 4G networks and continuous increase in the number of internet users have a major influence on cryptocurrency mining hardware as it provides a much faster and more reliable connection than 2G networks, allowing for more accurate mining process and enabling more complex and sophisticated services. Furthermore, the increased availability of these networks also means that more people can access cryptocurrency mining hardware services, which further boosts the market growth. Also, increasing adoption of cloud-based services and other technologies in the IT industry boosts the market growth. Furthermore, many key players are introducing advanced cryptocurrency mining processors to allow companies to manage inventory, improve customer experience, optimize the supply chain, and reduce operational costs. It is a network of physical devices that are embedded with software and firmware, sensors, and internet connectivity to gather data and transfer or store in databases. For instance, in February 2022, Intel launched a crypto-focused chip, dubbed 'blockchain accelerator”, which intends to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Such developing strategies are expected to provide lucrative opportunity for the growth of the market.
The Cryptocurrency mining hardware market is segmented into type, application, and region. on the basis of by type, coin, application, and region. On the basis of type, the market is categorized into central processing unit, graphics processing unit, application-specific integrated circuit and field programmable gate array. On the basis of coin, the market is fragmented into Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and others. On the basis of application, the market is bifurcated into enterprise, and personal. Region wise, it is analyzed across North America (the U. S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include BITMAIN Technologies Holding Company, INTELION MINE LLC, INNOSILICON Technology Ltd, NVIDIA Corporation, Zhejiang Ebang Communication Co,Ltd, Advanced Micro Devices, Inc., Parallel Miner, Canaan Inc., AsicMinerz, and Bitfury Group Limited. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in February 2022, Bitfury Group Limited launched 28MW digital asset mining data center in Sarnia, Ontario. The facility has commenced operations with expected capacity of 16MW by the end of February and an additional 12MW of capacity to be completed by the end of May. The project has expansion potential of up to 200MW. .
Key Market Insights
By type, the application-specific integrated circuit segment was the highest revenue contributor to the market, and is estimated to reach $1.77 billion by 2032, with a CAGR of 9.5%. However, the central processing unit segment is estimated to be the fastest growing segment with the CAGR of 17.0% during the forecast period.By application, the personal segment dominated the global market, and is estimated to reach $3.38 billion by 2032, with a CAGR of 10.3%. However, the enterprise segment is expected to be the fastest growing segment with the CAGR 14.2% during the cryptocurrency mining hardware market forecast.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $640.93 million in 2022, and is estimated to reach $2.26 billion by 2032, with a CAGR of 13.7%.
Companies Mentioned
- Advanced Micro Devices, Inc.
- INTELION MINE LLC
- INNOSILICON Technology Ltd
- Parallel Miner
- Canaan Inc.
- Bitfury Group Limited
- BITMAIN Technologies Holding Company
- AsicMinerz
- Zhejiang Ebang Communication Co., Ltd.
- NVIDIA Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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