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Global Cryptocurrency Mining Hardware Market to reach USD 2.76 billion by the end of 2029.

Global Cryptocurrency Mining Hardware Market Size study & Forecast, by Type (Central Processing Unit, Graphics Processing Unit, Field Programmable Gate Array, and Application-Specific Integrated Circuit), by Application (Enterprise and Personal), by Coin (Bitcoin, Ethereum, Ripple, and Others) and Regional Analysis, 2022-2029

Product Code: ICTNGT-98836272
Publish Date: 17-04-2023
Page: 200

Global Cryptocurrency Mining Hardware Market is valued at approximately USD 1.61 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8% over the forecast period 2022-2029. Cryptocurrency Mining hardware refers to specialized computer systems which are used for mining cryptocurrencies. There are different types of hardware solutions which are used in crypto mining such as Central Processing Units, Graphics Processing Units, Field Programmable Gate Array, and Application-Specific Integrated Circuit among others. The increasing popularity of different cryptocurrencies and growing penetration of smartphones are key factors driving the market growth.

The rising popularity of cryptocurrencies worldwide is contributing towards the growth of the Global Cryptocurrency Mining Hardware Market. For instance – as per Statista – as of 2023, revenue in the global cryptocurrencies segment is estimated at USD 42.69 billion, and the revenue is projected to show an annual growth rate of 14.36% between 2023 and 2027, resulting in a projected total amount of USD 73.01 billion by 2027. Furthermore, as per Statista – in 2021, the number of smartphone subscriptions worldwide was estimated at 6259 million, and as per projections, the total number of smartphone subscriptions is expected to reach 7690 million by 2027. Also, increasing internet penetration rate and rising launch of advanced Cryptocurrency Mining Processors would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Cryptocurrency Mining Hardware stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Cryptocurrency Mining Hardware Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of leading market players and increasing number of funding opportunities for crypto mining companies in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising popularity of cryptocurrency and increasing investment in high-speed internet infrastructure in the region.

Major market players included in this report are:
Bitfury Group
Canaan Creative
BitMain Technologies Holding
Ebang Communication
Halong Mining
Baikal Miner
Advanced Micro Devices
Cynosure Technologies Co. Ltd.

Recent Developments in the Market:
Ø In September 2019, Bit Main Technologies Holding Company launched its new offering World Digital Mining Map (WDMM), a platform that connects mining hardware owners with mining farm owners. This new platform is designed with the aim to connect mining farms and hardware owners in an efficient manner and eventually make cryptocurrency mining more sustainable.

Ø In February 2021, USA based NVIDIA Corporation, launched its new product Cryptocurrency Mining Processor (CMP), a series of semiconductors specifically designed for mining Ethereum. This new product launch is intended to expand company’s product portfolio for cryptocurrency mining.

Ø In September 2021, Bitcoin (BTC) mining company Genesis Digital Assets received USD 431 million in a funding round led by Paradigm, along with other investors, including NYDIG, Ribbit and Electric Capital; FTX; and UK based Kingsway Capital. The company is planning to utilize the funding in extending its mining operations in the U.S. and the Nordics region.

Global Cryptocurrency Mining Hardware Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Application, Coin, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type
Central Processing Unit
Graphics Processing Unit
Field Programmable Gate Array
Application-Specific Integrated Circuit
By Application

By Coin

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Cryptocurrency Mining Hardware Market, by Region, 2019-2029 (USD Billion)
1.2.2. Cryptocurrency Mining Hardware Market, by Type, 2019-2029 (USD Billion)
1.2.3. Cryptocurrency Mining Hardware Market, by Application, 2019-2029 (USD Billion)
1.2.4. Cryptocurrency Mining Hardware Market, by Coin, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cryptocurrency Mining Hardware Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cryptocurrency Mining Hardware Market Dynamics
3.1. Cryptocurrency Mining Hardware Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing popularity of different cryptocurrencies Growing penetration of smartphones
3.1.2. Market Challenges High Cost of Cryptocurrency Mining Hardware solutions
3.1.3. Market Opportunities Increasing internet penetration rate Rising launch of advanced Cryptocurrency Mining Processor
Chapter 4. Global Cryptocurrency Mining Hardware Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Cryptocurrency Mining Hardware Market, by Type
6.1. Market Snapshot
6.2. Global Cryptocurrency Mining Hardware Market by Type, Performance – Potential Analysis
6.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
6.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
6.4.1. Central Processing Unit
6.4.2. Graphics Processing Unit
6.4.3. Field Programmable Gate Array
6.4.4. Application-Specific Integrated Circuit
Chapter 7. Global Cryptocurrency Mining Hardware Market, by Application
7.1. Market Snapshot
7.2. Global Cryptocurrency Mining Hardware Market by Application, Performance – Potential Analysis
7.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
7.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
7.4.1. Enterprise
7.4.2. Personal
Chapter 8. Global Cryptocurrency Mining Hardware Market, by Coin
8.1. Market Snapshot
8.2. Global Cryptocurrency Mining Hardware Market by Coin, Performance – Potential Analysis
8.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Coin 2019-2029 (USD Billion)
8.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
8.4.1. Bitcoin
8.4.2. Ripple
8.4.3. Ethereum
8.4.4. Others
Chapter 9. Global Cryptocurrency Mining Hardware Market, Regional Analysis
9.1. Cryptocurrency Mining Hardware Market, Regional Market Snapshot
9.2. North America Cryptocurrency Mining Hardware Market
9.2.1. U.S. Cryptocurrency Mining Hardware Market Type breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029 Coin breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Cryptocurrency Mining Hardware Market
9.3. Europe Cryptocurrency Mining Hardware Market Snapshot
9.3.1. U.K. Cryptocurrency Mining Hardware Market
9.3.2. Germany Cryptocurrency Mining Hardware Market
9.3.3. France Cryptocurrency Mining Hardware Market
9.3.4. Spain Cryptocurrency Mining Hardware Market
9.3.5. Italy Cryptocurrency Mining Hardware Market
9.3.6. Rest of Europe Cryptocurrency Mining Hardware Market
9.4. Asia-Pacific Cryptocurrency Mining Hardware Market Snapshot
9.4.1. China Cryptocurrency Mining Hardware Market
9.4.2. India Cryptocurrency Mining Hardware Market
9.4.3. Japan Cryptocurrency Mining Hardware Market
9.4.4. Australia Cryptocurrency Mining Hardware Market
9.4.5. South Korea Cryptocurrency Mining Hardware Market
9.4.6. Rest of Asia Pacific Cryptocurrency Mining Hardware Market
9.5. Latin America Cryptocurrency Mining Hardware Market Snapshot
9.5.1. Brazil Cryptocurrency Mining Hardware Market
9.5.2. Mexico Cryptocurrency Mining Hardware Market
9.5.3. Rest of Latin America Cryptocurrency Mining Hardware Market
9.6. Rest of The World Cryptocurrency Mining Hardware Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Bitfury Group Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. Canaan Creative
10.2.3. BitMain Technologies Holding
10.2.4. ASICMiner
10.2.5. Ebang Communication
10.2.6. Halong Mining
10.2.7. Baikal Miner
10.2.8. Innosilicon
10.2.9. Advanced Micro Devices
10.2.10. Cynosure Technologies Co. Ltd.
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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