One of the key trends driving growth in the cryptocurrency mining market is the increasing adoption of renewable energy sources for mining. Cryptocurrency mining consumes huge amounts of electricity and produces large carbon footprints. However, miners are now turning to renewable sources like solar, wind and hydroelectric power to mine cryptocurrencies in an environmentally sustainable way. This is helping reduce electricity costs for miners and making cryptocurrency mining more profitable and eco-friendly over the long run.
Segment Analysis
Content: The global cryptocurrency mining market is segmented by type into application-specific integrated circuits (ASICs), graphics processing units (GPUs), and others. The ASICs segment dominated the market in 2021 and is expected to continue its dominance over the forecast period as well. This is because ASICs are optimized to mine cryptocurrencies and offer higher efficiency and much higher hash rates than CPUs or GPUs. Cryptocurrency miners prefer ASIC miners as they consume less power and generate higher returns on investment.
Key Takeaways
The Global Cryptocurrency Mining Market Size is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period 2023 to 2030, due to increasing adoption of cryptocurrencies for transactions and investments. The market size for 2023 is US$ 4,305.60 Mn.
Regional analysis: North America dominated the global cryptocurrency mining market in 2021. This is attributed to the presence of major cryptocurrency mining players and availability of inexpensive electricity in countries like the US. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to the abundance of cheap electricity and supportive government policies in China, South Korea, and other countries.
Key players: Key players operating in the cryptocurrency mining market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, and Hive Blockchain Technologies. Bitmain Technologies currently holds the largest market share due to its extensive product portfolio of ASIC mining chips and rigs.
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