The global cryptocurrency mining market size was US$ 1.49 billion in 2021. The global cryptocurrency mining market is forecast to grow to US$ 2.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Cryptocurrency mining is the process by which cryptocurrencies generate new coins. Miners have become very sophisticated in recent years by deploying advanced machinery to speed up mining operations. Recognizing the potential scope of this, businesses are creating advanced mining machines for the end-users. Thus, the growing technological advancements in the cryptocurrency mining industry will fuel the growth of the market. Rising demand for decreasing power consumption while increasing the hash rates will benefit the cryptocurrency mining market. In addition to that, the rising use of cryptocurrency for a variety of applications and growing interest in cryptocurrency mining will escalate market growth.
The global cryptocurrency market may also witness potential opportunities due to growing digitalization and the rising proliferation of smartphones. Rapidly soaring internet penetration will also benefit the market. In addition, various individual users select crypto asset management solutions, which will bring momentum in the growth of the crypto asset management market and make it more appealing for crypto asset management providers. Thus, it will surge the growth of the cryptocurrency mining market during the forecast period.
COVID-19 Impact Analysis
The global cryptocurrency mining market witnessed several disruptions, and the primary one is the change in consumer preferences. The initial panic due to the wake of the pandemic affected the traditional market for cryptocurrency. In addition, the halt on technological advancements further hampered the growth of the global cryptocurrency mining market.
Regional Analysis
Based on the regions, the Asia-Pacific cryptocurrency mining market is forecast to emerge as the largest market. Globally, Asia-Pacific is holding the highest industry share due to the strong economic growth of the region. Furthermore, the presence of prominent players such as Canaan Inc., Shenzhen Microbt Electronics Technology Co. Ltd., etc., will fuel the growth of this regional market during the study period. Additionally, the market is witnessing the surging adoption of smartphones and the internet, which will contribute to the industry growth during the study period. The market will also gain momentum due to large investments by companies in Bitcoin, Ethereum, Bitcoin Cash, etc.
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Competitors in the Market
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
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Cryptocurrency Mining industry experienced notable growth in its workforce. Starting in January, employment within the Cryptocurrency Mining sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cryptocurrency Mining output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Cryptocurrency Mining output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cryptocurrency Mining market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cryptocurrency Mining market.
Market Segmentation
The global cryptocurrency market segmentation focuses on Mining, Revenue Source, Hardware, Application, and Region.
By Mining Enterprise Outlook
Large Miners
Small Miners
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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
By Regional Outlook
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Cryptocurrency Mining Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Cryptocurrency Mining Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Cryptocurrency Mining Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Cryptocurrency Mining Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Cryptocurrency Mining market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Cryptocurrency Mining market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Cryptocurrency Mining business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
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* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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