Bitcoin Mining Hardware Market to Reach $1.67 Billion, Globally, by 2031 at 12.6% CAGR: Allied Market Research

Development of new technologies and constantly researching and developing new technologies to improve mining efficiency and reduce costs. This includes the use of new chip designs and manufacturing processes, as well as the integration of advanced features such as built-in power supplies and cooling systems which, drive the growth of the global bitcoin mining hardware market.

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Allied Market Research published a report, titled, "Bitcoin Mining Hardware Market by Type (Application-Specific Integrated Circuit, Field Programmable Gate Array, Graphics Process Unit, and Central Processing Unit), by Security (Two-Factor Authentication, Biometric Security, NFC Connectivity, and Others), by Application (Enterprise and Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global bitcoin mining hardware industry generated $0.52 billion in 2021, and is estimated to reach $1.67 billion by 2031, witnessing a CAGR of 12.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-
Rise in need for transparency in the payment system, high growth potential in developing economies and increase in flow of remittances from foreign countries drives the growth of the global bitcoin mining hardware market. On the other hand, lack of awareness about bitcoin mining hardware among people and implementation of various government regulations against bitcoin restrains the growth of the market to some extent. However, untapped potential in emerging economies have paved the way for lucrative opportunities in the industry.

Covid-19 scenario-
⦁ In outbreak of COVID-19, many bitcoin mining hardware startups have emerged in the space during the pandemic to cater to the ever-increasing demand for bitcoins.
⦁ Significant rise in adoption of bitcoins by banks and financial institutions has been observed, owing to rise in need to use bitcoin mining hardware for payments security and transparency during the COVID-19 outbreak.
The application-Specific Integrated Circuit segment to maintain its dominance during the forecast period-

By type, the application-Specific Integrated Circuit segment garnered the highest share in 2021, holding nearly three-fifths of the global bitcoin mining hardware market revenue. This is because an ASIC miner is a computerized device that uses ASICs for the sole purpose of "mining" digital currency. Moreover, banks and financial institutions use such technology to provide individuals with customized, personalized banking experiences to improve their customer experience. However, the same segment displays the fastest CAGR of 14.08% from 2022 to 2031.

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The two-factor authentication segment to rule the roost-
By security, the two-factor authentication segment accounted for more than three-fifths of the global bitcoin mining hardware market revenue in 2021, and is projected to retain the lion's share by 2031. This is due to the fact that the with 2FA enabled on the bitcoin, users will have to provide 2FA code when performing certain actions on the app. However, the NFC connectivity segment, simultaneously, would showcase the fastest CAGR of 17.0% throughout the forecast period. NFC is a convenient and versatile system able to make payment over a short distance. This technology is used across banking sector for seamless communication between devices. Thus, this works as an opportunistic way for the market growth.

The personal segment to rule the roost-
By application, the personal segment accounted for more than three-fifths of the global bitcoin mining hardware market revenue in 2021, and is projected to retain the lion's share by 2031. This is growing mainly because of awareness regarding bitcoin and its mining among individual customers. In addition, numerous individual consumers select crypto asset management products that propel the market for bitcoin asset management, which motivates providers of crypto asset management to pitch cutting-edge products to the personal market. However, enterprise segment, simultaneously, showcase the fastest CAGR of 15.4% throughout the forecast period. This is mainly due to enterprise segment, is likely to gain traction owing to the rise in demand for immersive technology. Thus, provide lucrative opportunities for the market in the upcoming years.

Asia-Pacific garnered the major share in 2021-
By region, Asia Pacific contributed to the highest share in 2021, garnering more than one-third of the global bitcoin mining hardware market revenue. This is attributed to the fact that, this region has a large number of bitcoin miners, which is mainly due to China being one of the largest economies in terms of mining bitcoins. In addition, countries such as Japan and South Korea have been observed as potential markets for bitcoin mining hardware owing to their favorable government policies towards digital currencies. North America, on the other hand, would portray the fastest CAGR of 15.5% during the forecast period. This is due to the increase in demand for bitcoin in the commercial sector in North America which is, one of the prime factors driving the growth of the bitcoin mining hardware market in this region.

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Leading Market Players-
• BetterHash
• BIOSTAR Group
• Bitcoin Merch
• BITMAIN Technologies Holding Company
• Coindesk
• CoinWarz
• Compass Mining, Inc.
• Nicehash
• StormGain
• Zipmex

The report analyzes these key players of the global bitcoin mining hardware market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Key benefits for stakeholders
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bitcoin mining hardware market forecast from 2022 to 2031 to identify the prevailing bitcoin mining hardware market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the bitcoin mining hardware market outlook assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global bitcoin mining hardware market trends, key players, market segments, application areas, and market growth strategies.

Bitcoin Mining Hardware Market Report Highlights
Aspects Details
Type
• Application-Specific Integrated Circuit
• Field Programmable Gate Array
• Graphics Process Unit
• Central Processing Unit
Security
• Two-Factor Authentication
• Biometric Security
• NFC Connectivity
• Others
Application
• Enterprise
• Personal
By Region
• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)
Key Market Players: BetterHash, Bitcoin Merch, BITMAIN Technologies Holding Company, CoinDesk, Compass Mining, Inc., niceHash, Zipmex, CoinWarz, StormGain, BIOSTAR Group

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