The cryptocurrency mining hardware market share is expected to grow at a CAGR of 11.35% between 2022 and 2027. The profitability of cryptocurrency mining ventures and the acceptance of cryptocurrency by retailers provides a promising ground for the cryptocurrency mining hardware market.
The profitability of cryptocurrency mining ventures will lead to the entry of several small-scale cryptocurrency mining operators that will adopt cloud mining, which will drive the growth of the global cryptocurrency mining hardware market during the forecast period.
Technavio’s analysis on “Cryptocurrency Mining Hardware Market by Product, Application, and Geography - Forecast and Analysis 2023-2027” projects that the market share is expected to increase by USD 12053.16 million at an accelerating CAGR during 2023-2027.
The cryptocurrency mining hardware market is segmented by product (ASIC, GPU, and others), application (bitcoin mining, ethereum mining, and others), and geography (APAC, North America, Europe, Middle East, and Africa, and South America).
The increase in the global demand for the cryptocurrency mining hardware industry will increase the ASIC growth during the forecast period. Miners prefer ASIC mining hardware solutions as they enable them to remain profitable even if the value of cryptocurrency declines beyond a certain level.
The volatility in the value of cryptocurrency has become a major challenge to the adoption of cryptocurrency mining hardware market. Low-risk investors do not include cryptocurrency in their financial portfolios as they are extremely volatile.
The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major cryptocurrency mining hardware market vendors are Argo Blockchain Plc, BIT Digital Inc., Bitfarms Ltd., BitMain Group, Canaan Inc., Ebang International Holdings Inc., Elite Mining Inc., ePIC Blockchain Technologies Inc., Genesis Mining Ltd., GMO Internet Group Inc., Helium Systems Inc., HIVE Blockchain Technologies Ltd., Hut 8 Mining Corp., Intelion Mine LLC, Marathon Digital Holdings Inc., NiceHash Ltd., Riot Blockchain Inc., Shenzhen Fusionsilicon Semiconductor Co. Ltd., Shenzhen Jingang Zhuoyue Co., Ltd, Shenzhen MicroBT Electronics Technology Co. Ltd, and Spondoolies Ltd.
bit-digital.com - The company offers cryptocurrency mining hardware which is application specific integrated circuits for bitcoin mining. Through the unified segment, the company offers vehicle for investors to earn return on capital related to bitcoin.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the cryptocurrency mining hardware market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the cryptocurrency mining hardware market share.
Prediction of the upcoming trends, drivers, and factors that challenge the cryptocurrency mining hardware market.
Cryptocurrency mining hardware market growth across APAC, North America, Europe, Middle East, and Africa, and South America
