The growth of the global cryptocurrency mining hardware market is driven by increase in adoption of digital currency and increase in adoption of Bitcoin, and increase in use of digital transformation technology.
PORTLAND, Ore., Sept. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cryptocurrency mining hardware Market by Type (Central Processing Unit, Graphics Processing Unit, Application-Specific Integrated circuit and Field Programmable Gate Array), By Coin (Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and Others) and By Application (Enterprise, and Personal) Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cryptocurrency mining hardware market was valued at $1,749.26 million in 2022, and is projected to reach $5,020.35 million by 2032, registering a CAGR of 11.4% from 2023 to 2032.
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Cryptocurrency mining is the process of creating a new cryptocurrency.Cryptocurrency mining hardware is used to generate new coins and validate new transactions. Several financial and technology analysts are investing in this area.
Prime determinants of growth
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.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $ 1,749.26 million |
Market Size in 2032 | $ 5,020.35 million |
CAGR | 11.4 % |
No. of Pages in Report | 210 |
Segments covered | Type, Coin, Application, and Region. |
Drivers | Increase in adoption of digital currency. Increase in adoption of Bitcoin Increase in use of digital transformation technology |
Opportunities | Increasing internet penetration rate and rising launch of advanced cryptocurrency mining processors |
Restraints | High cost of cryptocurrency mining hardware Increasing security concerns |
Covid-19 Scenario
· The cryptocurrency mining hardware market has witnessed stable growth during the COVID-19 pandemic, owing to the lockdowns and restrictions on the movement of people and goods, which disrupted the supply chain operations.
· However, some government organizations have proposed new regulations to minimize the negative impact of COVID-19 on the cryptocurrency market. For instance, in March 2020, the Arizona State Government in the US introduced the Cryptocurrency Act of 2020, which determines the regulation of crypto assets by different federal agencies. Such initiatives are expected to minimize the negative impact of COVID-19 on the market.
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The application-specific integrated circuit segment to maintain its leadership status throughout the forecast period.
Based on the type, the application-specific integrated circuit segment held the highest market share in 2022, accounting for more than two-fifths of the global cryptocurrency mining hardware market revenue, owing to increasing adoption of cryptocurrency mining hardware by various businesses across the globe as the preferred way of payment for bulk payouts. However, the central processing unit segment is projected to manifest the highest CAGR of 17.0% from 2023 to 2032, as it helps to maintain efficiency, process data for smarter decisions, and communicate system issues to help mitigate downtime.
The Binance Coin (BNB) segment to maintain the fastest growth rate throughout the forecast period
Based on coin, the Binance Coin (BNB) segment is projected to manifest the highest CAGR of 14.6% from 2023 to 2032, owing to a rising adoption of smartphones, alternative payment methods, and sustainable approaches.
Asia-Pacific maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global cryptocurrency mining hardware market revenue. The Asia-Pacific region is also expected to witness the fastest CAGR of 13.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to growing innovation and technological progression, increase in the number of mergers and acquisitions activities, and growing adoption of digital payments in the region. In addition, companies are paying attention to launching product platforms and forming partnerships to support their market position in the region.
Leading Market Players: -
- 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,
- Bitfury Group Limited
The report provides a detailed analysis of these key players of the global Cryptocurrency mining hardware market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryptocurrency mining hardware market analysis from 2023 to 2032 to identify the prevailing cryptocurrency mining hardware market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- In-depth analysis of the cryptocurrency mining hardware market segmentation assists to determine the prevailing cryptocurrency mining hardware market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global cryptocurrency mining hardware market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cryptocurrency mining hardware market trends, key players, market segments, application areas, and market growth strategies.
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