The global cryptocurrency mining market size was US$ 1.49 billion in 2021. The global cryptocurrency mining market is forecast to grow to US$ 2.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Cryptocurrency mining is the process by which cryptocurrencies generate new coins. Miners have become very sophisticated in recent years by deploying advanced machinery to speed up mining operations. Recognizing the potential scope of this, businesses are creating advanced mining machines for the end-users. Thus, the growing technological advancements in the cryptocurrency mining industry will fuel the growth of the market. Rising demand for decreasing power consumption while increasing the hash rates will benefit the cryptocurrency mining market. In addition to that, the rising use of cryptocurrency for a variety of applications and growing interest in cryptocurrency mining will escalate market growth.
The global cryptocurrency market may also witness potential opportunities due to growing digitalization and the rising proliferation of smartphones. Rapidly soaring internet penetration will also benefit the market. In addition, various individual users select crypto asset management solutions, which will bring momentum in the growth of the crypto asset management market and make it more appealing for crypto asset management providers. Thus, it will surge the growth of the cryptocurrency mining market during the forecast period.
COVID-19 Impact Analysis
The global cryptocurrency mining market witnessed several disruptions, and the primary one is the change in consumer preferences. The initial panic due to the wake of the pandemic affected the traditional market for cryptocurrency. In addition, the halt on technological advancements further hampered the growth of the global cryptocurrency mining market.
Regional Analysis
Based on the regions, the Asia-Pacific cryptocurrency mining market is forecast to emerge as the largest market. Globally, Asia-Pacific is holding the highest industry share due to the strong economic growth of the region. Furthermore, the presence of prominent players such as Canaan Inc., Shenzhen Microbt Electronics Technology Co. Ltd., etc., will fuel the growth of this regional market during the study period. Additionally, the market is witnessing the surging adoption of smartphones and the internet, which will contribute to the industry growth during the study period. The market will also gain momentum due to large investments by companies in Bitcoin, Ethereum, Bitcoin Cash, etc.
Competitors in the Market
Market Segmentation
The global cryptocurrency market segmentation focuses on Mining, Revenue Source, Hardware, Application, and Region.
By Mining Enterprise Outlook
By Revenue Source Outlook
By Hardware Outlook
By Application Outlook
By Regional Outlook
