Bitcoin mining hardware market to reach $1.7 billion globally by 2031 at a CAGR of 12.6%: Allied Market Research

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Improved Payment Data Transparency in Banking, Financial Services, and Other Business Sectors Drives Global Bitcoin Mining Hardware Market Growth

PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ — Allied Market Research has released a report titled “Bitcoin Mining Hardware Market by Type (Application-Specific Integrated Circuit, Field Programmable Gate Array, Graphics Process Unit, Central Processing Unit), per security (Two-Factor Authentication, Biometric Security, NFC Connectivity, Others), By Application (Business, Personal): Global Opportunities Analysis and Industry Forecast, 2021-2031 “According to the report, the global bitcoin mining hardware industry generated $528.9 million in 2021 and is expected to reach $1.7 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031. The report offers a detailed analysis of the changing trends in the market, major segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, constraints and opportunities-

Improved transparency of payment data in banking, financial services, and other business sectors is driving the growth of the global bitcoin mining hardware market. On the other hand, the lack of awareness of bitcoin mining among emerging economies is hampering growth to some extent. However, government agencies in developing countries provide an array of opportunities for bitcoin mining hardware, which has been very beneficial to the industry.

Covid-19 scenario-

The surge in the need to share financial information with consumers during the outbreak of the pandemic has led to a significant increase in the adoption of bitcoins by several financial institutions across the world, which has had a positive impact on the global market. bitcoin mining equipment.

This drift also continued to persist after the pandemic.

The Application-Specific ICs Segment to Maintain Its Dominance During the Forecast Period-

Based on type, the application-specific IC segment held the largest share in 2021, generating around half of the global bitcoin mining hardware market revenue, and is expected to rule the roost of by 2031. The same segment would also cite the fastest CAGR of 14.8% throughout the forecast period. This is because an application specific integrated circuit (ASIC) is a kind of consolidated circuit that is exclusively built for a specific application or purpose.

The story continues

The two-factor authentication segment held the major share in 2021-

Based on security, the two-factor authentication segment accounted for about half of the global bitcoin mining hardware market revenue in 2021 and is expected to maintain its dominance by 2031. This is due to the fact that ‘with 2FA enabled on bitcoin, users will be required to provide a 2FA code when performing certain actions on the app. The NFC connectivity segment, however, would exhibit the fastest CAGR of 17.0% during the forecast period. Indeed, this technology is used in the banking sector for seamless communication between devices.

The personal segment to rule the roost-

Based on the application, the personal segment contributed the highest revenues in 2021, holding nearly three-quarters of the global bitcoin mining hardware market share. Rising consumer awareness of bitcoin and mining is fueling the growth of the segment. On the other hand, the enterprise segment would show the fastest CAGR of 15.4% from 2022 to 2031, owing to the increase in demand for immersive technologies across the globe.

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Asia-Pacific garnered the highest share in 2021-

Based on region, Asia-Pacific garnered the highest share in 2021, holding more than a third of the global bitcoin mining hardware market revenue. Indeed, this region has a large number of bitcoin miners, which is mainly due to the fact that China is one of the largest economies in terms of bitcoin mining. North America, simultaneously, would cite the fastest CAGR of 15.5% over the forecast period. Rising demand for bitcoins in the trading sector in North America is one of the major factors fueling the growth of the market. Additionally, several government initiatives to legally adopt cryptocurrency systems in Canada and the United States complemented the growth.

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Major Market Players-

The report analyzes these key players in the global bitcoin mining hardware market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of each market player.

Main benefits for stakeholders

This report provides a quantitative analysis of market segments, current trends, estimates and forecast dynamics of the Bitcoin Mining Hardware Market from 2022 to 2031 to identify the current Bitcoin Mining Hardware Market opportunity.

Market research is offered with information related to key drivers, restraints, and opportunities.

Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

An in-depth analysis of the Bitcoin mining hardware market outlook helps determine the existing market opportunities.

Major countries in each region are mapped according to their revenue contribution in the global market.

The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.

The report includes analysis of regional and global Bitcoin mining hardware market trends, key players, market segments, application areas and market growth strategies.

Highlights of the Bitcoin Mining Hardware Market Report

Aspect details

Type

Security

Application

By region

North America (USA, Canada)

Europe (UK, Germany, France, Italy, Spain, Rest of Europe)

Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

Major Market Players: BetterHash, Bitcoin Merch, BITMAIN Technologies Holding Company, CoinDesk, Compass Mining, Inc., niceHash, Zipmex, CoinWarz, StormGain, BIOSTAR Group

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About Us:

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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