Global Cryptocurrency Mining Market is valued at USD 2285.4 Million in 2021 and is expected to reach USD 5293.9 Million by 2028 with a CAGR of 28.5% over the forecast period.
Global Cryptocurrency mining Market Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028, Soaring demand for cryptocurrency and increasing investment in this field are some of the major factors driving the growth of The Global Cryptocurrency Mining Market.
The term Cryptocurrency mining refers to the process of gathering cryptocurrency as a reward for work that user completes. It is a competitive procedure that validates and enhances new transactions to the blockchain for a cryptocurrency that utilizes the proof-of-work technique. ""Mining"" is accomplished using sophisticated hardware that resolves an extraordinarily complex computational math difficulty. Cryptocurrency "mining" is a metaphor for the computational effort that nodes in the network undertake in hopes of gaining new tokens.
Covid-19 has also impacted the global cryptocurrency mining market, as it has enhanced the pace of change in financial services. As Tether, Bitcoin, Ethereum, and any other has gone mainstream. However, the Covid-19 pandemic has a slight adverse impact on the cryptocurrency mining market, owing to the level of constancy in cryptocurrency has considerably diminished. Mining cryptocurrency is a key offline method wherein mining farms are akin to data centers, needing a lot of power and cooling systems for their machines. Due to the lockdown, mining was relatively difficult. For example; on September 24th, 2021; China banned all crypto transactions and vowed to root out the mining of digital assets, delivering the toughest blow yet to the industry.
The global cryptocurrency mining market is segmented based on components, revenue source, mining enterprise, application, and geography. Based on components, the global cryptocurrency mining market is segmented into hardware and software. Based on hardware, the global cryptocurrency mining market is further segmented as an application-specific integrated circuit and graphics processing unit. Based on revenue source, the market is classified as transaction fees, and block rewards. Based on mining enterprise, the cryptocurrency mining market is segmented into large miners and small miners. Based on application, the global cryptocurrency mining market is segmented into remote hosting services, cloud mining, and self-mining.
The regions covered in this global cryptocurrency mining market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of global Cryptocurrency mining is subdivided into the U.S., Canada, Brazil, Mexico, Germany, U.K., France, Italy, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia) GCC, Africa, etc.
Some of the key players for global Cryptocurrency mining market are:
Massive demand for cryptocurrency is one of the leading factors driving the growth of the cryptocurrency mining market across the globe. The courtesy towards cryptocurrency has proliferated not only among investors but also in popular culture. Several types of cryptocurrencies such as bitcoin, bitcoin cash, Ethereum, ripple, litecoin, dashcoin, and many more are increasingly using throughout the world. For example; as of January 2022, the entire global market capitalization of all cryptocurrencies calculates almost USD 2.05 trillion, creating it enough to be the world’s 8th biggest economy by gross domestic product. Cryptocurrency endures becoming a more generally recognized asset by the day. However, mining plays an essential role in cryptocurrency, as it legitimizes and monitors cryptocurrency transactions. Mining has a magnetic appeal for several investors who are concerned about cryptocurrency and accordingly generates inclinations towards it. As a consequence, soaring demand for cryptocurrencies is intensively propelling the growth of the cryptocurrency mining market worldwide.
Additionally, huge investment in cryptocurrency mining and growing advancements in this field are also supplementing the market growth globally. Because of the fact that miners get various rewards for their work with crypto tokens, a large number of market players are jumping into the market for more revenue generation. A number of players are focusing on new product offerings, acquisitions, and mergers in cryptocurrency mining. For example; Jasmine Technology has produced 8 Bitcoins from its 325 mining machines. Semiconductor giant Intel officially announced its crypto mining initiative. Grid Infrastructure has also arrived at a supply agreement for Intel's new mining ASICs. Not only major players but many small and medium-sized players are showing a big inclination towards the market. Such many developments and investments in cryptocurrency are forcing many firms to leverage into the cryptocurrency market and fueling the popularity of mining in cryptocurrency.
Putting the driving factors of cryptocurrency mining apart, many governments have applied strict rules and regulations on cryptocurrency. For example; as of January 5th, 2022, Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have all implicitly banned cryptocurrency by putting restrictions. Besides, as per the European Securities and Markets Authority (ESMA), Proof-of-work crypto mining should be banned in the European Union. Even though not all governments are turning to ban crypto, several are looking into how to regulate digital currency. Such many restrictions on the digital currency may hamper the cryptocurrency mining market growth. Despite this, a number of advancements and large investments across the globe may generate a plethora of opportunities for the further growth of the global cryptocurrency mining market.
On January 25, 2022, Asic Machines set to revolutionize the cryptocurrency mining market forever. CEO of the company further added Asic Machines is in its expansion mode. The company is focusing on three flagship ASIC miners AM PRO, AM1, and AM2.
Intel Set to Launch Energy-Efficient Chip for Bitcoin Mining at ISSCC
On January 19th, 2022; Intel, the semiconductor manufacturing giant, could be making a greater push into the world of cryptocurrency at the forthcoming International Solid-State Circuits Conference (ISSCC) following month where the company planned to present an innovative “Bonanza Mine chip” which is probable an energy-efficient Bitcoin ASIC (application-specific integrated circuit) geared about mining.
On a geographic basis, North America is expected to account for the largest share of the global cryptocurrency mining market. This is due to a number of factors such as number of technological advancements, the huge presence of major players and rising demand for cryptocurrency in this region. Soaring demand for cryptocurrency is so high in this region and this is creating an optimistic shift toward mining. The U.S. financial authorities are looking at approaches to legalize the market. For example; over the past five years, concern about cryptocurrencies rose by almost 3000% in the U.S. Just about 6% of the U.S. population recently used or own cryptocurrency, and this trend is rapidly developing. In fact, as various as a quarter of U.S. investors are delegating their money to the cryptocurrency and mining market. With huge potential, the U.S. is holding a major role in the cryptocurrency mining market.
The Asia Pacific is the fastest-growing market for cryptocurrency mining. As cryptocurrency mining is a huge business in the Asia Pacific reporting for more than half of the world's crypto supply. Big data centers and cloud computing firms are taking part in cryptocurrency mining throughout the region.
Middle East and Africa
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 2285.4 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 5293.9 Million
|Tables, Charts & Figures:
|Cryptocurrency Mining Companies
Ironmountain, iMining Blockchain and Cryptocurrency, ViaBTC Technology Limited, Slush Pool, F2Pool, Hut 8 Mining Corp, MiningStore, HashFlare LP, LIVIKA LP, Genesis Mining, Eobot Inc., BitMain Technologies Holding Company, Riot Blockchain, MinerGate, StartMiner, Stax Digital, SocialChain, Among other.
|By Component, By Revenue Source, By Mining Enterprise, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa.
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