PRESS RELEASE
Published March 15, 2023
The global cryptocurrency mining market size is expected to grow from USD 1.6 billion in 2021 to USD 2.8 billion by 2030, at a CAGR of 7.5% from 2022 to 2030. Cryptocurrency mining is a mechanism from which cryptocurrencies generate new coins and validate new transactions. Over the last few years, miners have become very sophisticated, employing complex machinery to speed up mining operations. As a result, companies are developing advanced mining machines for their clients. Furthermore, some businesses are collaborating with others to provide customers with a variety of services. As a result, as the demand for a mining pool grows in the market, so does the demand for advanced mining machines. However, the high transaction fees associated with it may limit the market’s growth.
Advances in technology to make cryptocurrency mining more profitable by reducing power consumption while increasing the hash rates are expected to drive the market’s growth over the forecast period. Over the forecast period, technological advancements to make cryptocurrency mining more profitable by reducing power consumption while increasing hash rates are expected to drive the market’s growth. The increasing use of cryptocurrency for a variety of applications, as well as the subsequent increase in cryptocurrency mining, which is encouraging cryptocurrency miners to form mining pools to pool their computational resources over a network, are both expected to contribute to market growth. The rising popularity of various cryptocurrencies, which is driving demand for cryptocurrency-specific hardware, is expected to play a significant role in propelling market growth. Continued digitalization, the proliferation of smartphones, and the increasing internet penetration rate are some of the other factors that bode well for the market’s growth over the forecast period.
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Scope of the Global Cryptocurrency Mining Market
The study categorizes the cryptocurrency mining market based on mining enterprise, revenue source, hardware, application, and region.
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By Mining Enterprise Outlook
- Large Miners
- Small Miners
By Revenue Source Outlook
- Block Rewards
- Transaction Fees
By Hardware Outlook
By Application Outlook
- Remote Hosting Services
- Cloud Mining Services
- Self-Mining
By Region Outlook
- North America
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- the Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global cryptocurrency mining market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global cryptocurrency mining market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia–Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
China dominates the Asia-Pacific region due to the presence of major key players such as Canaan Inc., and Shenzhen Microbt Electronics Technology Co. Ltd. Germany leads the European region in cryptocurrency adoption, with Bitcoin and Ethereum being widely used in e-commerce to purchase goods. Cryptocurrencies are regularly transferred and traded in Germany, and businesses have made investments in the new digital currency.
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Key Market Players
Major players in the global cryptocurrency mining market are:
- Canaan Inc.
- HIVE Blockchain Technologies Ltd.
- Argo Blockchain
- ViaBTC
- Braiins Systems s.r.o.
- F2Pool
- Bit Digital, Inc.
- Riot Blockchain, Inc.
- Genesis Mining Ltd.
- BITMAIN Technologies Holding Company
- Hut 8 Mining Corp.
- iMining Technologies Inc.
- MinerGate
- ASICminer Company
- Miningstore
- MININGSKY
- INNOSILICON Technology Ltd.
- Shenzhen MicroBT Electronics Technology Co., Ltd
- GMO Internet
- Core Scientific
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