Global Cryptocurrency Mining Hardware Market is valued at approximately USD 1.61 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8% over the forecast period 2022-2029. Cryptocurrency Mining hardware refers to specialized computer systems which are used for mining cryptocurrencies. There are different types of hardware solutions which are used in crypto mining such as Central Processing Units, Graphics Processing Units, Field Programmable Gate Array, and Application-Specific Integrated Circuit among others. The increasing popularity of different cryptocurrencies and growing penetration of smartphones are key factors driving the market growth.
The rising popularity of cryptocurrencies worldwide is contributing towards the growth of the Global Cryptocurrency Mining Hardware Market. For instance - as per Statista - as of 2023, revenue in the global cryptocurrencies segment is estimated at USD 42.69 billion, and the revenue is projected to show an annual growth rate of 14.36% between 2023 and 2027, resulting in a projected total amount of USD 73.01 billion by 2027. Furthermore, as per Statista - in 2021, the number of smartphone subscriptions worldwide was estimated at 6259 million, and as per projections, the total number of smartphone subscriptions is expected to reach 7690 million by 2027. Also, increasing internet penetration rate and rising launch of advanced Cryptocurrency Mining Processors would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Cryptocurrency Mining Hardware stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Cryptocurrency Mining Hardware Market study include: Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of leading market players and increasing number of funding opportunities for crypto mining companies in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising popularity of cryptocurrency and increasing investment in high-speed internet infrastructure in the region.
Major market players included in this report are:
- Bitfury Group
- Canaan Creative
- BitMain Technologies Holding
- ASICMiner
- Ebang Communication
- Halong Mining
- Baikal Miner
- Innosilicon
- Advanced Micro Devices
- Cynosure Technologies Co. Ltd.
Recent Developments in the Market:
- In September 2019, Bit Main Technologies Holding Company launched its new offering World Digital Mining Map (WDMM), a platform that connects mining hardware owners with mining farm owners. This new platform is designed with the aim to connect mining farms and hardware owners in an efficient manner and eventually make cryptocurrency mining more sustainable.
- In February 2021, USA based NVIDIA Corporation, launched its new product Cryptocurrency Mining Processor (CMP), a series of semiconductors specifically designed for mining Ethereum. This new product launch is intended to expand company's product portfolio for cryptocurrency mining.
- In September 2021, Bitcoin (BTC) mining company Genesis Digital Assets received USD 431 million in a funding round led by Paradigm, along with other investors, including NYDIG, Ribbit and Electric Capital; FTX; and UK based Kingsway Capital. The company is planning to utilize the funding in extending its mining operations in the U.S. and the Nordics region.
Global Cryptocurrency Mining Hardware Market Report Scope:
- Historical Data: 2019-2020-2021
- Base Year for Estimation: 2021
- Forecast period: 2022-2029
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Application, Coin, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type
- Central Processing Unit
- Graphics Processing Unit
- Field Programmable Gate Array
- Application-Specific Integrated Circuit
By Application
By Coin
- Bitcoin
- Ethereum
- Ripple
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Cryptocurrency Mining Hardware Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Cryptocurrency Mining Hardware Market, by Type, 2019-2029 (USD Billion)
- 1.2.3. Cryptocurrency Mining Hardware Market, by Application, 2019-2029 (USD Billion)
- 1.2.4. Cryptocurrency Mining Hardware Market, by Coin, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Cryptocurrency Mining Hardware Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Cryptocurrency Mining Hardware Market Dynamics
- 3.1. Cryptocurrency Mining Hardware Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing popularity of different cryptocurrencies
- 3.1.1.2. Growing penetration of smartphones
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of Cryptocurrency Mining Hardware solutions
- 3.1.3. Market Opportunities
- 3.1.3.1. Increasing internet penetration rate
- 3.1.3.2. Rising launch of advanced Cryptocurrency Mining Processor
Chapter 4. Global Cryptocurrency Mining Hardware Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. Industry Experts Prospective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Cryptocurrency Mining Hardware Market, by Type
- 6.1. Market Snapshot
- 6.2. Global Cryptocurrency Mining Hardware Market by Type, Performance - Potential Analysis
- 6.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
- 6.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
- 6.4.1. Central Processing Unit
- 6.4.2. Graphics Processing Unit
- 6.4.3. Field Programmable Gate Array
- 6.4.4. Application-Specific Integrated Circuit
Chapter 7. Global Cryptocurrency Mining Hardware Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Cryptocurrency Mining Hardware Market by Application, Performance - Potential Analysis
- 7.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
- 7.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
- 7.4.1. Enterprise
- 7.4.2. Personal
Chapter 8. Global Cryptocurrency Mining Hardware Market, by Coin
- 8.1. Market Snapshot
- 8.2. Global Cryptocurrency Mining Hardware Market by Coin, Performance - Potential Analysis
- 8.3. Global Cryptocurrency Mining Hardware Market Estimates & Forecasts by Coin 2019-2029 (USD Billion)
- 8.4. Cryptocurrency Mining Hardware Market, Sub Segment Analysis
- 8.4.1. Bitcoin
- 8.4.2. Ripple
- 8.4.3. Ethereum
- 8.4.4. Others
Chapter 9. Global Cryptocurrency Mining Hardware Market, Regional Analysis
- 9.1. Cryptocurrency Mining Hardware Market, Regional Market Snapshot
- 9.2. North America Cryptocurrency Mining Hardware Market
- 9.2.1. U.S. Cryptocurrency Mining Hardware Market
- 9.2.1.1. Type breakdown estimates & forecasts, 2019-2029
- 9.2.1.2. Application breakdown estimates & forecasts, 2019-2029
- 9.2.1.3. Coin breakdown estimates & forecasts, 2019-2029
- 9.2.2. Canada Cryptocurrency Mining Hardware Market
- 9.3. Europe Cryptocurrency Mining Hardware Market Snapshot
- 9.3.1. U.K. Cryptocurrency Mining Hardware Market
- 9.3.2. Germany Cryptocurrency Mining Hardware Market
- 9.3.3. France Cryptocurrency Mining Hardware Market
- 9.3.4. Spain Cryptocurrency Mining Hardware Market
- 9.3.5. Italy Cryptocurrency Mining Hardware Market
- 9.3.6. Rest of Europe Cryptocurrency Mining Hardware Market
- 9.4. Asia-Pacific Cryptocurrency Mining Hardware Market Snapshot
- 9.4.1. China Cryptocurrency Mining Hardware Market
- 9.4.2. India Cryptocurrency Mining Hardware Market
- 9.4.3. Japan Cryptocurrency Mining Hardware Market
- 9.4.4. Australia Cryptocurrency Mining Hardware Market
- 9.4.5. South Korea Cryptocurrency Mining Hardware Market
- 9.4.6. Rest of Asia Pacific Cryptocurrency Mining Hardware Market
- 9.5. Latin America Cryptocurrency Mining Hardware Market Snapshot
- 9.5.1. Brazil Cryptocurrency Mining Hardware Market
- 9.5.2. Mexico Cryptocurrency Mining Hardware Market
- 9.5.3. Rest of Latin America Cryptocurrency Mining Hardware Market
- 9.6. Rest of The World Cryptocurrency Mining Hardware Market
Chapter 10. Competitive Intelligence
- 10.1. Top Market Strategies
- 10.2. Company Profiles
- 10.2.1. Bitfury Group
- 10.2.1.1. Key Information
- 10.2.1.2. Overview
- 10.2.1.3. Financial (Subject to Data Availability)
- 10.2.1.4. Product Summary
- 10.2.1.5. Recent Developments
- 10.2.2. Canaan Creative
- 10.2.3. BitMain Technologies Holding
- 10.2.4. ASICMiner
- 10.2.5. Ebang Communication
- 10.2.6. Halong Mining
- 10.2.7. Baikal Miner
- 10.2.8. Innosilicon
- 10.2.9. Advanced Micro Devices
- 10.2.10. Cynosure Technologies Co. Ltd.
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption