The bitcoin mining hardware market is expected to witness promising growth in the coming years, owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors, drive the growth of the global bitcoin mining hardware market. By type, the application-Specific Integrated Circuit segment contributed to the major share in 2021. By region, on the other hand, North America show case the fastest CAGR by 2031.
According to the report published by Allied Market Research, the global bitcoin mining hardware market was valued at $528.9 million in 2021, and is projected to reach $1.7 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $528.9 million |
| Market Size in 2031 | $1.7 Billion |
| CAGR | 12.6% |
| No. of Pages in Report | 324 |
| Segments Covered | Type, Security, Application, and Region. |
| Drivers | Rise in need for transparency in the payment system |
| High growth potential in developing economies | |
| Restraints | Lack of awareness about bitcoin mining hardware among people |
| Implementation of various government regulations against bitcoin | |
| Opportunities | Untapped potential in emerging economies |
Covid-19 scenario-
- The governments across developing countries of Asia-Pacific are adopting blockchain technology to boost digitization of banking services among end users, which would help them to improve the overall economy.
- However, as the global situation has recovered, the bitcoin mining hardware market has now got back on track.
The global bitcoin mining hardware market is analyzed across type, security, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the application-Specific Integrated Circuit segment held the largest share in 2021, garnering around three-fourths of the global bitcoin mining hardware market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 14.08% during the forecast period.
By security, the two-factor authentication segment contributed to nearly one-third of the bitcoin payment hardware market share in 2021, and is projected to rule the roost by 2031. The NFC connectivity segment, on the other hand, would display the fastest CAGR of 17.0% throughout the forecast period.
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By application, the personal segment accounted for the highest share in 2021, generating nearly half of the bitcoin payment hardware market revenue. However, enterprise segment, simultaneously, showcase the fastest CAGR of 15.4% during the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering more than one-third of the bitcoin payment hardware market revenue. North America, simultaneously, would showcase the fastest CAGR of 15.5% from 2022 to 2031.
The key market players analyzed in the global bitcoin mining hardware market report include BetterHash, BIOSTAR Group, Bitcoin Merch, BITMAIN Technologies Holding Company, Coindesk, CoinWarz, Compass Mining, Inc., Nicehash, StormGain, and Zipmex. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bitcoin mining hardware market forecast from 2022 to 2031 to identify the prevailing bitcoin mining hardware market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bitcoin mining hardware market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global bitcoin mining hardware market trends, key players, market segments, application areas, and market growth strategies.
Type
- Application-Specific Integrated Circuit
- Field Programmable Gate Array
- Graphics Process Unit
- Central Processing Unit
Security
- Two-Factor Authentication
- Biometric Security
- NFC Connectivity
- Others
Application
- Enterprise
- Personal
By Region
- North America (U.S., 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)
Key Market Players: BetterHash, Bitcoin Merch, BITMAIN Technologies Holding Company, CoinDesk, Compass Mining, Inc., niceHash, Zipmex, CoinWarz, StormGain, BIOSTAR Group
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