The Global Cryptocurrency Mining Market is Growing with a CAGR of 7.8% in the Forecast Period of 2022 to 2029

The Global Cryptocurrency Mining Market is forecast to grow at 7.8% with factors such as a rise in the popularity of mining pools among developed and developing countries is boosting the global cryptocurrency mining market.

However, the high infrastructure establishment cost might hamper the growth of the cryptocurrency mining market.

Global Cryptocurrency Mining Market Scenario                         

According to Data Bridge Market Research, the market for cryptocurrency mining market in North America has the highest market share followed by Europe and Asia-Pacific. The market leader is Canaan Inc. which accounts for an estimated market share of approximately 3.2% in the North American region.

  • In November 2021, Canaan Inc. announced that they had secured a purchase order from HIVE Blockchain Technologies Ltd. of 6,500 units of its next-generation Avalon Bitcoin mining machines. This is the third purchase order the company has received from HIVE. This represents the company's effective client relationship-building efforts in the market

Cryptocurrency Mining MarketTrends Impacting the Market

Now the question is which other regions Canaan Inc., Argo Blockchain, and HIVE Blockchain Technologies Ltd. are targeting? Data Bridge Market Research has estimated a large growth in the North America cryptocurrency mining market and the market leaders targeting U.S. and Canada to be their next revenue pockets for 2022.

The cryptocurrency mining market is becoming more competitive every year with companies such as Canaan Inc., Argo Blockchain, and HIVE Blockchain Technologies Ltd. as they are the market leaders for the cryptocurrency mining market. The Data Bridge Market Research new reports highlight the major growth factors and opportunities in the cryptocurrency mining market.

For more analysis on the cryptocurrency mining market, request for a briefing with our analysts

Global Cryptocurrency Mining Market Developments

  • In January 2022, Hut 8 Mining Corp. announced that they had acquired the cloud and co-location data center business of TeraGo Inc. The acquisition comprises five data centers in Canada, which include a complete selection of scalable cloud services. Thus this will help the company to expand its business and customer base in the market
  • In August 2021, iMining Technologies Inc. announced that they had acquired the three validators securing the Ethereum Proof-of-Stake blockchain. These three Eth2.0 validators are cloud-based and are operational. Thus, the acquisition will help the company to save fees and weeks of staking rewards, helping in companies growth

Scope of the Global Cryptocurrency Mining Market

Global cryptocurrency mining market is segmented on the basis of countries into the U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, South Africa, Rest of Middle East and Africa.

All country based analysis of the cryptocurrency mining market is further analyzed based on further segmentation. Based on the mining enterprise, the cryptocurrency mining market is segmented into large miners and small miners. Based on revenue source, the cryptocurrency mining market is segmented into transaction fees and block rewards. Based on mining type, the cryptocurrency mining market is segmented into self-mining, cloud mining services, and remote hosting services. Based on hardware, the cryptocurrency mining market is segmented into ASIC, GPU, CPU, and others.

To know more about the study

Key Pointers Covered in the Global Cryptocurrency Mining Market Industry Trends and Forecast to 2029

  • Market Size
  • Top to Bottom Market Analysis
  • Recent Developments for Market Competitors
  • Recent Market Value for Different Countries
  • Market value and over view of Global cryptocurrency mining market
  • Company profiling of top players of Global cryptocurrency mining market

Key Market Competitors Covered in the Report

  • Canaan Inc.
  • Argo Blockchain
  • HIVE Blockchain Technologies Ltd.
  • Bit Digital, Inc.
  • Riot Blockchain, Inc.
  • ViaBTC
  • Braiins Systems s.r.o.
  • F2Pool
  • Genesis Mining Ltd.
  • BITMAIN Technologies Holding Company
  • Hut 8 Mining Corp.
  • MININGSKY (a subsidiary of Skychain Technologies Inc.)
  • iMining Technologies Inc.
  • MinerGate
  • ASICminer Company
  • INNOSILICON Technology Ltd.
  • Shenzhen MicroBT Electronics Technology Co., Ltd
  • GMO Internet
  • Core Scientific

Above are the key players covered in the report for the global cryptocurrency mining market

Research Methodology: Global Cryptocurrency Mining Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Primary Respondents

  • Demand Side: Manufacturer, Researchers, Scientists, Research Laboratories
  • Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others

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