The cryptocurrency mining market was valued at US$ 838.4 million in 2016 and is projected to reach US$ 16,377.2 million by 2025, exhibiting a CAGR of 18.68% over the forecast period, according to Global Cryptocurrency Mining Equipment Market Report, by Equipment (Graphics Processing Units (GPUs), Field Programmable Gate Arrays (FPGAs), Application Specific Integrated Circuits (ASICs), and PCs or other consumer electronics), by Mining Type (Self Mining, Cloud Mining Services, and Remote Hosting Services), published by Coherent Market Insights.
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Global cryptocurrency mining equipment market is expected to witness significant growth opportunities predominantly, owing to growing market capitalizations of cryptocurrencies and increasing adoption of professional mining tools owing to their high ROI.
Key Trends and Analysis of the Global Cryptocurrency Mining Equipment Market:
Among product types, GPUs segment is expected to witness a CAGR of 17.95% over the forecast period. GPUs have much higher processing power as compared to regular computing machines making them the ideal choice for cryptocurrency mining. The GPUs are being extensively used on account of its capability to process multiple complex algorithms swiftly with leveraging on its RAM, which is not to be found in ASICs. Moreover, development of ASICs for digital assets other than bitcoin was not profitable enough.
Based on mining types, cloud mining services segment dominated the global cryptocurrency mining equipment market share and it is expected to continue its dominance over the forecast period. Cloud mining services facilitate mining operations to be carried out with the help of a remote datacenter having shared processing power. Cloud mining enables miners to mine cryptocurrencies without having to manage mining hardware. It is provided as a service and hence some cost is incurred by the service providers. In return, the miners gets benefited with the mining facilities over cloud, through the block rewards and the transaction fees of the associated altcoin and the mining pool.
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Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, North America is expected to witness highest growth over the forecast period. Prominent factors influencing growth of the market include the regions accountability for around 78% of the mining exchanges holding government licenses or authorization. Moreover, about 34% of global cryptocurrency wallet providers are based out of U.S. alone. Multiple mining facilities are concentrated in the region, creating a highly favorable environment for large miners to thrive. The small miners in the region are concerned about increasing taxation and consider it as a risk factor, whereas the large miners are least bothered about these taxation norms due to large amount of profits they are earning. The region has wide adoption and acceptance of cryptocurrencies in routine transactions which is evident with the fact that about 73% of all the total bitcoin ATMs are located in the North America. Moreover, the development of mining centers in Canada due to low cost electricity and consistent internet connectivity is expected to fuel growth of the regional market over the forecast period.
Chief players in the global cryptocurrency mining equipment market include Advanced Micro Devices, Inc., Russian Miner Coin, Halong Mining, Zhejiang Ebang Communication Co., Ltd, NVIDIA Graphics Pvt. Ltd., Bitmain Technologies Ltd, SBI Group, Bitfury, TSMC, Canaan Creative Co. Ltd, Global Foundries, and United Microelectronics Corporation. Major industry players such as IBM and Samsung are estimated to participate in market, if the market capitalization achieves stability, unlike the volatility witnessed in the end of 2017 and the beginning of 2018.