Cryptocurrency technology companies are investing heavily in research and development in order to create new products and grow existing product portfolios. The goal of new product launches is to improve bitcoin mining efficiency. For illustration, as part of its efforts to expand its product portfolio for cryptocurrency mining, NVIDIA Corporation, a technology company based in the United States, announced the launch of Cryptocurrency Mining Processor (CMP), a series of semiconductors specifically designed for mining Ethereum, in February 2021.

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Data Bridge Market Research analyses that the cryptocurrency mining market is expected to grow at a CAGR of 7.8% in the forecast period of 2022 to 2029 and is expected to reach USD 2,263.42 million by 2029. Development of technology is estimated to propel the market’s growth rate by reducing power consumption and improving hash rates during the forecast period. The growing need for cryptocurrencies for various applications and the accompanying surge in cryptocurrency mining, which is promoting cryptocurrency miners to form mining pools to pool their computing capabilities across a network, are anticipated to boost the market expansion.  

Surging energy demand for securing blockchain, mining difficulty, and utility is expected to drive the market's growth rate during the forecast period

The security of blockchains consumes a lot of energy. The most common type of block chain, proof of work (POW), demands a substantial amount of energy. The bitcoin blockchain takes enough energy to power a small country to secure payment. Furthermore, as blockchain security improves, the mining difficulty rises. Other reasons driving market expansion include the public's growing interest in digital assets, more media coverage, the number of investors, and payment security. Between March and September 2017, the cryptocurrency market had an exponential gain in capital of roughly 599.8%. Additionally, the market is anticipated to grow over the forecast period because of increased awareness and use of digital exchange.

Report Scope and Market Segmentation

Segment Analysis:

The cryptocurrency mining market is segmented on the basis of mining enterprise, revenue source, mining type and hardware.

• The global cryptocurrency mining market is segmented into large miners and small miners based on the mining enterprise. In 2022, the large miners' segment is expected to dominate the global cryptocurrency mining market with a 73.60% market share because it has sparked more innovation. It also lowers market cornering and centralization.

In 2022, the large miners' segment is projected to hold the largest share of mining enterprise segment in the cryptocurrency mining market

In 2022, the large miners' segment is anticipated to hold the largest share of global cryptocurrency mining market because it has sparked more innovation. It also lowers market cornering and centralization. The large miners' segment is growing with a CAGR of 8.0% in the forecast period of 2022 to 2029.

• Based on revenue source, the global cryptocurrency mining market is segmented into transaction fees and block rewards. In 2022, the block rewards segment is expected to dominate the global cryptocurrency mining market with a 67.64% market share because it is a reward given to the miner to compensate them for their efforts in mining the block.

In 2022, the block rewards segment of revenue source segment is anticipated to dominate the cryptocurrency mining market

In 2022, the block rewards segment of this market will dominate the cryptocurrency mining market because it is a reward given to the miner to compensate them for their efforts in mining the block. The block rewards segment is expected reach the highest CAGR of 7.5% in the forecast period of 2022-2029.

• Based on mining type, the global cryptocurrency mining market is segmented into self-mining, cloud mining services, and remote hosting services. In 2022, the remote hosting services segment is expected to dominate the global cryptocurrency mining market with a 51.90% market share because several miners combine their effort and resources over a network and mine cryptocurrency with much more computational power.
• Based on hardware, the global cryptocurrency mining market is segmented into ASIC, GPU, CPU, and others. In 2022, ASIC is expected to dominate the global cryptocurrency mining market with a 38.77% market share because it is the most energy-efficient of all other miners. Furthermore, it offers high hash rates and increases investors' earning potential, which is estimated to increase demand in the market.

Major Players

Data Bridge Market Research recognizes the following companies as the major cryptocurrency mining market players in cryptocurrency mining market are Riot Blockchain, Inc. (U.S.), Hut 8 Mining Corp. (Canada), Shenzhen MicroBT Electronics Technology Co., Ltd (China), Genesis Mining Ltd (Hong Kong).

Market Development

• In August 2021, iMining Technologies Inc. had announced the acquisition of three validators securing the Ethereum Proof-of-Stake blockchain. These three Eth2.0 validators are cloud-based and currently in use. As a consequence of the acquisition, the company will save fees and weeks of staking rewards, which will assist in the company's growth.
• In January 2022, Hut 8 Mining Corp. had announced the acquisition of cloud and co-location data center business of TeraGo Inc. Hut 8's positioning as an innovative and diversified operator in the digital asset and high-performance computing sectors has been cemented by this purchase, which helps Hut 8 stand out among its competitors. Hut 8 has been promoting open and decentralized systems since 2018, making it one of North America's largest innovation-focused digital asset miners. Hut 8 has one of the highest installed capacity rates in the market and possesses more self-mined Bitcoin than any crypto miner or publicly traded company in the world, with two locations in energy-rich Alberta and a third in North Bay, Ontario, Canada.
• In March 2022, The Crypto Company had announced the launch of mining Bitcoin. The company has purchased 215 cryptocurrency miners that will be half air cooled and partially immersed in immersion cooling technology, helping the company achieve its objective of making Bitcoin mining more energy efficient. The mining rigs are substantially more energy efficient due to immersion cooling, which reduces the amount of electricity required to mine.
• In October 2021, AsicWay recently announced its grand entry to the global crypto market with its new generation of crypto miners. The company is focused to making crypto mining benefits available to everyone, regardless of experience or technological expertise. AsicWay mining rigs, unlike any other product on the market, promise a return on investment in just one month. AsicWay currently provides three mining rigs: the AW1, AW2, and AW PRO. All of these products are based on the newest ASIC technology and can mine bitcoin, litecoin, ethereum, and monero.

Regional Analysis

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

As per Data Bridge Market Research analysis:

North America is the dominant region in cryptocurrency mining market during the forecast period 2022 - 2029

North America will continue to dominate the cryptocurrency mining market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the rising adoption of cryptocurrency in major applications. The United States dominates the North American region due to increased adoption rate from payment applications such as PayPal and presence of key market players in the region.

Asia-Pacific is estimated to be the fastest growing region in cryptocurrency mining market the forecast period 2022 - 2029

Asia-Pacific region is anticipated to grow at the highest rate during the forecast period of 2022-2029 due to the technological advancement and rising acceptance of virtual currency for some platforms in the regions such as Japan. China dominates the Asia Pacific region because of the presence of major key players including Canaan Inc. and Shenzhen Microbt Electronics Technology Co. Ltd.

COVID-19 Impact Analysis

The COVID-19 pandemic took a toll on the bitcoin mining industry, mainly due to the lockdowns and limitations on mobility of people and goods, which affected supply chain activities. At the same time, consumer demands became constrained as people sought to cut non-essential expenses from their budgets. Nonetheless, as digitalization gains pace and constraints on the movement of people and goods are gradually removed, the global market is ready for a recovery and potential development. The COVID-19 outbreak had a severe impact on the cryptocurrency market since the degree of stability has decreased while the level of irregularity has increased and cryptocurrencies have become more volatile, which was expected to reduce demand for bitcoin during a global health crisis. Furthermore, compared to international equities markets, bitcoin has a low level of regularity, which reduces the demand for cryptocurrency even more during a pandemic.

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