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.

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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.

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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.

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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.

ASICminer Co.

The company is engaged in 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.

Baikal Miner

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: 

 Regional Analysis 

  •  Further breakdown of the market segmentation at requested regions. 

 Market Player Information 

  •  Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
  • Know the strategies adopted by vendors during the COVID-19 Recovery Phase

Speak to our Analyst for a Customized Report

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • ASIC - Market size and forecast 2019-2024
  • GPU - Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Advanced Micro Devices Inc.
  • ASICminer Co.
  • Baikal Miner
  • Bitfury Group Ltd.
  • BitMain Technologies Holding Co.
  • Canaan Inc.
  • Cynosure Technologies Co. Ltd.
  • Halong Mining
  • INNOSILICON Technology Ltd.
  • Shenzhen MicroBT Electronics Technology Co. Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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