Press release
Cryptocurrency Mining Market Share 2021 COVID-19 Impact and Regional Outlook 2030
The global cryptocurrency mining market size is expected to grow from USD 1.6 billion in 2021 to USD 2.8 billion by 2030, at a CAGR of 7.5% from 2022 to 2030. Cryptocurrency mining is a mechanism from which cryptocurrencies generate new coins and validate new transactions. Over the last few years, miners have become very sophisticated, employing complex machinery to speed up mining operations. As a result, companies are developing advanced mining machines for their clients. Furthermore, some businesses are collaborating with others to provide customers with a variety of services. As a result, as the demand for a mining pool grows in the market, so does the demand for advanced mining machines. However, the high transaction fees associated with it may limit the market's growth.Advances in technology to make cryptocurrency mining more profitable by reducing power consumption while increasing the hash rates are expected to drive the market's growth over the forecast period. Over the forecast period, technological advancements to make cryptocurrency mining more profitable by reducing power consumption while increasing hash rates are expected to drive the market's growth. The increasing use of cryptocurrency for a variety of applications, as well as the subsequent increase in cryptocurrency mining, which is encouraging cryptocurrency miners to form mining pools to pool their computational resources over a network, are both expected to contribute to market growth. The rising popularity of various cryptocurrencies, which is driving demand for cryptocurrency-specific hardware, is expected to play a significant role in propelling market growth. Continued digitalization, the proliferation of smartphones, and the increasing internet penetration rate are some of the other factors that bode well for the market's growth over the forecast period.
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Scope of the Global Cryptocurrency Mining Market
The study categorizes the cryptocurrency mining market based on mining enterprise, revenue source, hardware, application, and region.
By Mining Enterprise Outlook
Large Miners
Small Miners
By Revenue Source Outlook
Block Rewards
Transaction Fees
By Hardware Outlook
ASIC
GPU
CPU
Others
By Application Outlook
Remote Hosting Services
Cloud Mining Services
Self-Mining
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By Region Outlook
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
the Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global cryptocurrency mining market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global cryptocurrency mining market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
China dominates the Asia-Pacific region due to the presence of major key players such as Canaan Inc., and Shenzhen Microbt Electronics Technology Co. Ltd. Germany leads the European region in cryptocurrency adoption, with Bitcoin and Ethereum being widely used in e-commerce to purchase goods. Cryptocurrencies are regularly transferred and traded in Germany, and businesses have made investments in the new digital currency.
Key Market Players
Major players in the global cryptocurrency mining market are:
Canaan Inc.
HIVE Blockchain Technologies Ltd.
Argo Blockchain
ViaBTC
Braiins Systems s.r.o.
F2Pool
Bit Digital, Inc.
Riot Blockchain, Inc.
Genesis Mining Ltd.
BITMAIN Technologies Holding Company
Hut 8 Mining Corp.
iMining Technologies Inc.
MinerGate
ASICminer Company
Miningstore
MININGSKY
INNOSILICON Technology Ltd.
Shenzhen MicroBT Electronics Technology Co., Ltd
GMO Internet
Core Scientific
Key Issues Addressed
What is the market size by various segmentation of the cryptocurrency mining by region and its respective countries?
What are the customer buying behavior, key takeaways, and Porter's 5 forces of the cryptocurrency mining market?
What are the key opportunities and trends for manufacturers involved in the cryptocurrency mining supply chain?
What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
What and how regulations, schemes, patents, and policies are impacting the growth of the market?
What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
The market player positioning, top winning strategies by years, company product developments, and launches will be?
How has COVID-19 impacted the demand and sales of cryptocurrency mining in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
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