$ 2.80 Billion growth expected in Cryptocurrency Mining Hardware Market | 5.72% YOY growth in 2020 amid COVID-19 Spread | APAC to Notice Maximum Growth | Technavio
NEW YORK, May 4, 2021 /PRNewswire/ -- The global cryptocurrency mining hardware market by product (ASIC and GPU) and Geography (APAC, North America, Europe, South America, and MEA) has been added to Technavio's offering. The global cryptocurrency mining hardware market is expected to grow by USD 2.80 billion, at a CAGR of over 7% during 2020-2024.
The COVID-19 pandemic has led to an uncertain price scenario for cryptocurrency. The need for people to self-isolate, quarantine measures, and other restrictions have led to less involvement by people in mining farms. This led to the postponement of several cryptocurrency-related events. However, some government organizations have recently proposed new regulations to minimize the negative impact of COVID-19 on the cryptocurrency market. For instance, in March 2020, the Arizona State Government in the US introduced the Cryptocurrency Act of 2020, which determines the regulation of crypto assets by different federal agencies. Such initiatives are expected to minimize the negative impact of COVID-19 on the market.
The market is expected to be driven by factors such as the rising popularity of mining pools, increasing number of product launches, and the growing demand for cryptocurrency-specific hardware.
The report also offers information on the upcoming trends and challenges that will influence market growth.
Cryptocurrency Mining Hardware Market: Opportunities
Governments in developed regions such as the US and Canada have allowed their citizens to use cryptocurrencies for various purposes, including payment of property taxes. In addition, rising investments by vendors to expand their operations across geographies is expected to offer several growth opportunities in the market during the forecast period.
Cryptocurrency Mining Hardware Market: Segmentation by Product
Based on the segmentation by product, the market generated maximum revenue in the ASIC segment in 2019. The segment is driven by the proliferation of retail stores that will sell ASIC mining hardware solutions. The market growth in the segment will be significant during the forecast period.
Cryptocurrency Mining Hardware Market: Segmentation by Geography
APAC held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the rising investments by vendors for cryptocurrency mining facilities in countries such as China. Also, the acceptance of Bitcoin and other cryptocurrencies as payment options by merchants in China will contribute to the growth of the cryptocurrency mining hardware market in APAC during the forecast period.
One of the fortune 500 companies had used the detailed research report on the cryptocurrency mining hardware market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
Explore more about market opportunities: Enquire about the report before purchasing
Cryptocurrency Mining Hardware Market: Major Vendors
Advanced Micro Devices Inc.
The company offers computing platforms, which are a collection of technologies designed to work together to provide a complete computing solution and to enable and advance the computing components. The company offers hardware under various categories such as Radeon RX Vega Series, Radeon RX 500 Series, and Radeon RX 400 Series.
The company is engagedin the design and development of bitcoin mining solutions. ASICminer 8 Nano S and ASICminer Zeon Turbo are among the cryptocurrency mining hardware offered by the company.
The company is engaged in the design and development of various types of equipment used for cryptocurrency mining. BK-G28, BK-N70, BK-B, and BK-D are some of the variants of cryptocurrency mining hardware offered by the company.
Bitfury Group Ltd.
The offers blockchain-as-a-service solutions designed to help governments and companies integrate blockchain into their operations. The company offers Bitfury Tardis which offers a performance of up to 80 tera hashes per second.
BitMain Technologies Holding Co.
The company designs, manufactures, and sells cryptocurrency mining hardware and equipment. Antminer S17, Antminer S11, and Antminer T15 are some of the variants of cryptocurrency mining hardware offered by the company.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the cryptocurrency mining hardware market report:
Market Player Information
Related Reports on Cryptocurrency Mining Hardware Market:
Global Quantum Cryptography Solutions Market – Global quantum cryptography solutions market is segmented by end-user (defense, government and public sector, BFSI, telecom, and others) and geography (North America, Europe, APAC, MEA, and South America).
Global Smart Card IC Market – Global smart card IC market is segmented by microprocessor architecture (16-bit and 32-bit), application (telecommunication, financial, government, transportation, and others), and geography (APAC, Europe, North America, South America, and MEA).
Global Blockchain Identity Management Market – Global blockchain identity management market is segmented by end-user (BFSI, government, healthcare, and others), application (end-point, network, and infrastructure), and geography (APAC, Europe, MEA, North America, and South America).
Global Blockchain Technology Market – Global blockchain technology market is segmented by end-user (BFSI, government, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).
Global Digital Signature Market – Global digital signature market is segmented by geography (APAC, Europe, MEA, North America, and South America) and end-user (BFSI, government, healthcare, legal, and others).
Five Forces Analysis
Market Segmentation by Product
View original content to download multimedia:http://www.prnewswire.com/news-releases/-2-80-billion-growth-expected-in-cryptocurrency-mining-hardware-market--5-72-yoy-growth-in-2020-amid-covid-19-spread--apac-to-notice-maximum-growth--technavio-301283942.html
OpenSIPIt - Bringing InterOp Testing to the heart of the Community
Press Room Open (Press, Speaker or Exhibitor badge required)
Grand Opening Reception in Exhibit Hall