Press release
Cryptocurrency Mining Equipment Global Market Report 2024 - By Demand, Size, Share, Report, Outlook By 2033
Cryptocurrency Mining Equipment Market
The cryptocurrency mining equipment market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to cryptocurrency price volatility, energy efficiency and sustainability, global electricity costs, institutional interest and mining operations, supply chain disruptions. Major trends in the forecast period include bitcoin halving events, evolving cryptocurrency landscape, rise in cryptocurrency prices, transition to proof-of-stake (pos), global regulatory environment.
Market Overview -
Cryptocurrency mining equipment is the hardware required to mine cryptocurrencies in the competitive process of adding new transactions to a blockchain. Specialized hardware with custom-made chips like application-specific integrated circuits ASIC (application-specific integrated circuit) rigs are connected to the internet, configured, and then left to mine cryptocurrency.
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Surge In Market Capitalization Drive Growth Of Cryptocurrency Mining Equipment Market
The growing market capitalization of cryptocurrencies is expected to propel the growth of the cryptocurrency mining equipment market growing forward. Market capitalization, in the cryptocurrency market, is a technique to evaluate the size and popularity of cryptocurrencies and informs the current market worth of cryptocurrencies. Market capitalization helps cryptocurrency mining equipment by allowing investors to understand the true value of companies and the size of one company in relation to another. For instance, in October 2021, according to a report published by the International Monetary Fund (IMF), a US-based financial agency of the United Nations, the entire market value of all crypto assets including market capitalization had surpassed $2 trillion, a 10-fold rise from 2020. Therefore, the growth in the market capitalization of cryptocurrencies is driving the cryptocurrency mining equipment market.
Competitive Landscape -
Major companies operating in the cryptocurrency mining equipment market report are Advanced Micro Devices Inc., Russian Miner Coin, Halong Mining, Zhejiang Ebang Communication Co. Ltd., NVIDIA Graphics Pvt. Ltd., Bitmain Technologies Ltd., Taiwan Semiconductor Manufacturing Company, Canaan Creative Co. Ltd., Bitfury, Samsung Group, SBI Holdings, GlobalFoundries, United Microelectronics Corporation (UMC), Bitfarms Ltd., Intel Corporation, Northern Data AG, DMG Blockchain Solutions Inc., Holicity Inc., Greenidge Generation Holdings Inc., Digihost Technology Inc., CleanSpark Inc., Bit Digital Inc., Core Scientific Holding Co., Stronghold Digital Mining Inc., Bit5ive LLC, Blockcap Inc., Foundry Digital LLC, Luxor Technologies Inc., Compute North LLC, Gryphon Digital Mining Inc., BitRiver AG, Compass Mining Inc.
Product Innovations Transforming The Cryptocurrency Mining Equipment Market
Product innovation has emerged as a key trend gaining popularity in the cryptocurrency mining equipment market. Major companies operating in the cryptocurrency mining equipment market are focused on innovating new products with advanced technologies to sustain their position in the market. For instance, in February 2021, Nvidia Corporation, a US-based leader in artificial intelligence computing operating in the cryptocurrency mining equipment market, launched the cryptocurrency mining processor (CMP), a line of products for professional cryptocurrency mining. The unique features of CMP including no display output, and a lower peak core voltage and frequency, increase the efficiency of the mining power and helps miners build the most efficient data centers. By using CMPs miners can build the most efficient data centers while preserving GeForce RTX GPUs for gamers.
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Key Segments -
The cryptocurrency mining equipment market covered in this report is segmented -
1) By Equipment: Graphics Processing Units (GPUs), Field Programmable Gate Arrays (FPGAs), Application-Specific Integrated Circuits (ASICs), PC Or CPU Mining
2) By Coin: Bitcoin, Ripple, Ethereum
3) By Application: Remote Hosting Services, Cloud Mining, Self Mining
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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