The global cryptocurrency mining hardware market is poised to grow by USD 2.7 billion during 2019-2023, progressing at a CAGR of over 10% during the forecast period.
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Technavio has announced its latest market research report titled global cryptocurrency mining hardware 2019-2023. (Graphic: Business Wire)
Read the 128-page research report with TOC on “Cryptocurrency Mining Hardware Market Analysis Report by Product (application-specific integrated circuit (ASIC) and graphics processing units (GPU), by Geography (APAC, North America, Europe, South America, and MEA), and Segment Forecasts, 2019 – 2023”
The market is driven by the rising popularity of mining pools. In addition, the use of smartphones and applications to mine cryptocurrency is anticipated to further boost the growth of the cryptocurrency mining hardware market.
The rising popularity of mining pools will be one of the major drivers in the global cryptocurrency mining hardware market. Mining pools are groups of miners who work together by combining their computational resources and sharing hashing power to reduce the effects of volatility and obtain better outputs. The chances of achieving success decrease when miner prefer their own cryptocurrency mining hardware. This increases the popularity of mining pools as miners can combine their cryptocurrency mining hardware to enhance the success rate. Moreover, in mining pools, miners cannot steal the rewards of other miners. As the rising demand of mining pools will encourage new miners to join, the use of cryptocurrency mining hardware will increase which will boost the market growth
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Major Five Cryptocurrency Mining Hardware Market Companies:
Advanced Micro Devices, Inc
Advanced Micro Devices, Inc owns and operates businesses under various segments such as computing and graphics and enterprise, embedded, and semi-custom. The company offers a wide range of cryptocurrency mining hardware. Some of the products offered by the company are Radeon RX Vega Series, Radeon RX 500 Series, and Radeon RX 400 Series.
Baikal Miner’s key cryptocurrency mining hardware products include BK-G28, BK-N70, BK-B, BK-D, and BK-X.
Bitfury Group Limited
Bitfury Group Limited has business operations under various segments, namely software and hardware. The product offered by the company is Bitfury Tardis.
BitMain Technologies Holding Company
BitMain Technologies Holding Company operates business under four segments, which include antminer, antpool, BTC.com, and artificial intelligence. The company’s key offerings include Antminer S17, Antminer S11, Antminer T15, Antminer DR5, and Antminer Z11.
Canaan Creative CO., LTD
Canaan Creative CO., LTD’s key product offerings in the cryptocurrency mining hardware include AvalonMiner 10, AvalonMiner 851, and AvalonMiner 911.
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Cryptocurrency Mining Hardware Product Outlook (Revenue, USD Million, 2019 – 2023)
Cryptocurrency Mining Hardware Regional Outlook (Revenue, USD Million, 2019 – 2023)
- North America
- South America
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