Cryptocurrency Mining Market World's Top Players Include AntPool, BTC.com, ViaBTC, BTC Top, SlushPool, and F2Pool

Cryptocurrency mining functions on the principle of blockchain technology, wherein mining involves assembling transactions into blocks and executing multiple computations, in order to seal those blocks. These functions are based on distributed computing principle and require other systems to verify the transaction and in turn are rewarded with transaction fees and new block.

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Our study includes organizations that deal with cryptocurrency mining, specifically it’s about the equipment used for cryptocurrency mining. Increasing popularity of cryptocurrencies and its mining along with high rewards it offers on successful mining of blocks are expected to be among the prominent factors fueling growth of cryptocurrency mining equipment market.

The trend of digital currencies in the form of cryptocurrencies is gaining traction, owing to which multiple mining methods are being developed to mine complex and optimum number of blocks. The hardware required for cryptocurrency mining range from the domestic devices such as PCs, smartphones and tablets to the highly sophisticated equipment such as Graphics Processing Units (GPUs), Application Specific Integrated Circuits (ASICs) and Field Programmable Gate Arrays (FPGAs).

On the basis of the equipment, ASICs contributed highest market value share in 2016, and is expected to continue its dominance over the forecast period. Prominent factor influencing the growth of this segment include high hashing power, customizability for specific altcoin operations, unlike GPUs which are used for general purposes that find applications in various other industry domains such as gaming, graphic development, and astronomy.

Asia Pacific cryptocurrency mining equipment market contributed largest industry share in the industry and it is expected to continue dominance over the forecast period. The region has a large concentration of players, owing economies of scale, specifically in China. However, unfavorable regulatory developments in China, leading to ban of cryptocurrency exchanges is expected to hamper the regional growth of the market.

Major 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. Market is highly consolidated with top 5 companies contributing over 60% of the overall industry share in 2016. According to Coherent Market Insights analysis, market is expected to open, following the entry of new players in the industry space.

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