About Cryptocurrency Mining Hardware
Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Its profitability depends on price, cost of power, and machine efficiency. With the help of cryptocurrency mining, people can earn cryptocurrency without having to put money into it. The emergence of cryptocurrency in digitalization and demand for management of cryptocurrency further drive the global cryptocurrency mining hardware market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Global Cryptocurrency Mining Hardware is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Cryptocurrency Mining Hardware market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Canaan Creative (China), Hut 8 Mining (Canada), HIVE Blockchain Technologies Ltd. (Canada), Bitmain (China), Pionex (United States), Bitfarms (Canada), iStock (Canada), Jiangsu JieJie Microelectronics Co Ltd (China), Coinmine (United States) and Bitfury (Netherlands) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Intelion Mine LLC (Russia), Advanced Micro Devices (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Cryptocurrency Mining Hardware market by Type (ASIC Mining, GPU Mining, CPU Mining, Cloud Mining and Others) and Region.
On the basis of geography, the market of Cryptocurrency Mining Hardware has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Cryptocurrency Coin, the sub-segment i.e. Bitcoin will boost the Cryptocurrency Mining Hardware market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Hashrate, the sub-segment i.e. 10.5 Th/s will boost the Cryptocurrency Mining Hardware market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Personal will boost the Cryptocurrency Mining Hardware market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Implementation of New Technologies in Finance to Create Innovative Products, Technological Advancement in Cryptocurrency Mining Hardware and The Popularity of Cryptocurrency Mining and Usage of Cryptocurrency Services
Market Growth Drivers:
Rising Awareness among People about Cryptocurrency, Growing Difficulty Levels of the Altcoin Mining coupled with the Need for a Decentralized and Secure Digital Payment System and Booming Economy and Increasing Disposable Income and Demand for Automation in Managing Bitcoin
Challenges:
Frequent Need for Upgradation in Cryptocurrency Mining Hardware and Stringent Government Rules and Regulations about Cryptocurrency
Restraints:
Lack of Awareness and Technical Understanding Regarding Cryptocurrency and The dearth of Supervisory Control on the Transactions
Opportunities:
Increasing Demand for Cryptocurrency Mining Hardware from Technologically Advanced Countries, Technological Advancements in Online Transactions and Large Untapped Markets of Developing Economies
Market Leaders and their expansionary development strategies
On 4th January 2022, Canaan Creative announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan. The company expands its involvement further down the Bitcoin value chain, and it enhances the depth and width of its global presence while solidifying its business operations.
On 9th April 2022, Canaan Inc. unveiled its Avalon 1266 model. The new launch aims to capitalize on what it expects will be even faster growth in the ASICs market. The Avalon 1266 will have 100 terahash per second (TH/s) mining hashrate capacity and 35 joules per terahash (J/T) power efficiency, a company executive said during the Bitcoin 2022 Conference in Miami. Also, it improves upon the previous Avalon 1246, which had a capacity of 90 TH/s and 38 J/T efficiencies.
Cryptocurrency exchange regulations in the United States are also in uncertain legal territory, and several federal regulators claim jurisdiction. Of the major US regulatory bodies, the Securities and Exchange Commission (SEC) has indicated that it considers cryptocurrencies to be securities: in March 2018 it stated that it was looking to apply securities laws comprehensively for digital wallets and exchanges. By contrast, The Commodities Futures Trading Commission (CFTC) has adopted a friendlier,
Key Target Audience
Cryptocurrency Mining Hardware Manufacturers, Cryptocurrency Mining Hardware Suppliers and Distributors, Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.