NEW YORK, July 10, 2023 /PRNewswire/ — The cryptocurrency mining hardware market size is estimated to increase by USD 12,053.16 million from 2022 to 2027, with a CAGR of 11.35%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report –Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

Find Technavio’s Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

The Cryptocurrency Mining Hardware Market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors include-Argo Blockchain Plc, BIT Digital Inc., Bitfarms Ltd., BitMain Group, Canaan Inc., Ebang International Holdings Inc., Elite Mining Inc., ePIC Blockchain Technologies Inc., Genesis Mining Ltd., GMO Internet Group Inc., Helium Systems Inc., HIVE Blockchain Technologies Ltd., Hut 8 Mining Corp., Intelion Mine LLC, Marathon Digital Holdings Inc., NiceHash Ltd., Riot Blockchain Inc., Shenzhen Fusionsilicon Semiconductor Co. Ltd., Shenzhen Jingang Zhuoyue Co., Ltd, Shenzhen MicroBT Electronics Technology Co. Ltd, and Spondoolies Ltd. Download Free Sample

Cryptocurrency Mining Hardware Market – Segmentation Analysis 

The market is segmented by Product (ASIC, GPU, and Others), Application (Bitcoin mining, Ethereum mining, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

• The market share growth by the ASIC segment will be significant during the forecast period. Application-specific integrated circuit (ASIC)-based hardware solutions are specifically designed for a purpose. ASIC-based cryptocurrency mining hardware solutions are used to process and record the transaction of cryptocurrencies efficiently and are built to solve a single hash algorithm. For instance, a Bitcoin mining ASIC-based hardware solution can only mine Bitcoin. Though customization restricts the use of ASIC-based hardware solutions to specific cryptocurrencies, it makes the process of mining cryptocurrency quicker. For instance, a dedicated ASIC-based Bitcoin mining hardware solution can process hashes 100,000 times faster than a high-end general-purpose processor, and it is also several times faster than customized cryptocurrency mining GPUs. The growth of this segment is mainly attributed to the rising adoption of the Cryptocurrency Mining Hardware Market by residential consumers, which is driven by an increase in the global demand for the cryptocurrency mining hardware industry.

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Cryptocurrency Mining Hardware Market – Market Dynamics

Key driver

The profitability of cryptocurrency mining ventures is a major factor driving the global cryptocurrency mining hardware market growth.  For every successful transaction, cryptocurrency miners earn a small profit in cryptocurrency based on the quantity of work, which comprises the processing power used by the mining hardware. Mining cryptocurrency is a slow and cumbersome process and not profitable on a small scale. Thus, to increase the profits of their ventures, cryptocurrency miners set up large-scale dedicated rigs. The adoption of cloud cryptocurrency mining is increasing. Moreover, in cloud cryptocurrency mining, customers invest in a cloud-hosted cryptocurrency mining venture, which shares a certain percentage of the earned cryptocurrency with its customers. The cloud-hosted cryptocurrency mining venture uses the investment to enhance the process of mining by buying CPU power from a data center that uses its own equipment to mine cryptocurrency. Therefore, the profitability of cryptocurrency mining ventures will lead to the entry of several small-scale cryptocurrency mining operators that will adopt cloud mining, which will fuel the growth of the market growth during the forecast period.

Major Trend

The acceptance of cryptocurrency by retailers is an emerging trend shaping the cryptocurrency mining hardware market growth. The primary factor is the acceptance of cryptocurrencies such as Bitcoin and Ether has increased daily transactions among the public, retailers, and merchandisers. Also, the growing use of cryptocurrencies by significant retailers will enhance public perception and the use of cryptocurrencies for financial transactions. Cryptocurrencies have been used to purchase vehicles and order food and groceries in the past. Currently, companies are accepting cryptocurrency payments only in partnership with third-party exchanges such as iPayYou, which handle the cryptocurrency-to-cash conversion. For instance, bitcoin value grows at a more rapid rate than that of inflation and enables enterprises to have adequate savings for unprecedented events. Therefore, for small businesses and retailers alike, it is crucial that they should accept cryptocurrency as an alternative form of payment. Thereby, such factors will drive the market growth during the forecast period.

Significant Challenge 

The volatility in the value of cryptocurrency is a major challenge impeding the cryptocurrency mining hardware market growth. The value of cryptocurrency is extremely volatile. Consequently, low-risk investors do not include cryptocurrency in their financial portfolios. Due to the significant share of cryptocurrency held by a few number of people who buy and sell high volumes on trading platforms and trade exchanges, there is volatility in the value. Other factors, such as lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms, also cause fluctuations in the value of cryptocurrency. Therefore, people who hold a major share of cryptocurrency influence the value to grow their profits without making any actual investments. Hence, several investors have refrained from including cryptocurrency in their financial portfolios, which is expected to hinder market growth during the forecast period.

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What are the key data covered in this Cryptocurrency Mining Hardware Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the cryptocurrency mining hardware market between 2023 and 2027
• Precise estimation of the size of the cryptocurrency mining hardware market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the cryptocurrency mining hardware market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of cryptocurrency mining hardware market vendors

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The cryptocurrency market size is estimated to grow at a CAGR of 15.81% between 2022 and 2027. The market size is forecast to increase by USD 1,815.78 million. This report extensively covers market segmentation by Type (bitcoin, Ethereum, and others), Component (hardware and software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). Rising investment in digital assets is one of the key drivers fueling the cryptocurrency market’s growth.

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 18: Five forces analysis – Comparison between 2022 and 2027

• 4.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 4.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 4.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 4.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 4.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 4.7 Market condition 
• Exhibit 24: Chart on Market condition – Five forces 2022 and 2027

5 Market Segmentation by Product

• 5.1 Market segments 
• Exhibit 25: Chart on Product – Market share 2022-2027 (%)
• Exhibit 26: Data Table on Product – Market share 2022-2027 (%)

• 5.2 Comparison by Product 
• Exhibit 27: Chart on Comparison by Product
• Exhibit 28: Data Table on Comparison by Product

• 5.3 ASIC – Market size and forecast 2022-2027
• Exhibit 29: Chart on ASIC – Market size and forecast 2022-2027 ($ million)
• Exhibit 30: Data Table on ASIC – Market size and forecast 2022-2027 ($ million)
• Exhibit 31: Chart on ASIC – Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on ASIC – Year-over-year growth 2022-2027 (%)

• 5.4 GPU – Market size and forecast 2022-2027
• Exhibit 33: Chart on GPU – Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Data Table on GPU – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Chart on GPU – Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on GPU – Year-over-year growth 2022-2027 (%)

• 5.5 Others – Market size and forecast 2022-2027
• Exhibit 37: Chart on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Data Table on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Chart on Others – Year-over-year growth 2022-2027 (%)
• Exhibit 40: Data Table on Others – Year-over-year growth 2022-2027 (%)

• 5.6 Market opportunity by Product 
• Exhibit 41: Market opportunity by Product ($ million)

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 42: Chart on Application – Market share 2022-2027 (%)
• Exhibit 43: Data Table on Application – Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 44: Chart on Comparison by Application
• Exhibit 45: Data Table on Comparison by Application

• 6.3 Bitcoin mining – Market size and forecast 2022-2027
• Exhibit 46: Chart on Bitcoin mining – Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Bitcoin mining – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Bitcoin mining – Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Bitcoin mining – Year-over-year growth 2022-2027 (%)

• 6.4 Ethereum mining – Market size and forecast 2022-2027
• Exhibit 50: Chart on Ethereum mining – Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Ethereum mining – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Ethereum mining – Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Ethereum mining – Year-over-year growth 2022-2027 (%)

• 6.5 Others – Market size and forecast 2022-2027
• Exhibit 54: Chart on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Data Table on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Chart on Others – Year-over-year growth 2022-2027 (%)
• Exhibit 57: Data Table on Others – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 58: Market opportunity by Application ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 59: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

• 8.1 Geographic segmentation 
• Exhibit 60: Chart on Market share by geography 2022-2027 (%)
• Exhibit 61: Data Table on Market share by geography 2022-2027 (%)

• 8.2 Geographic comparison 
• Exhibit 62: Chart on Geographic comparison
• Exhibit 63: Data Table on Geographic comparison

• 8.3 North America – Market size and forecast 2022-2027
• Exhibit 64: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 8.4 Europe – Market size and forecast 2022-2027
• Exhibit 68: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 8.5 APAC – Market size and forecast 2022-2027
• Exhibit 72: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 75: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 8.6 South America – Market size and forecast 2022-2027
• Exhibit 76: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 79: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 8.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 80: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 83: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 8.8 US – Market size and forecast 2022-2027
• Exhibit 84: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 87: Data Table on US – Year-over-year growth 2022-2027 (%)

• 8.9 China – Market size and forecast 2022-2027
• Exhibit 88: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on China – Year-over-year growth 2022-2027 (%)

• 8.10 Russia – Market size and forecast 2022-2027
• Exhibit 92: Chart on Russia – Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on Russia – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on Russia – Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on Russia – Year-over-year growth 2022-2027 (%)

• 8.11 Germany – Market size and forecast 2022-2027
• Exhibit 96: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 99: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 8.12 Ireland – Market size and forecast 2022-2027
• Exhibit 100: Chart on Ireland – Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Data Table on Ireland – Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Chart on Ireland – Year-over-year growth 2022-2027 (%)
• Exhibit 103: Data Table on Ireland – Year-over-year growth 2022-2027 (%)

• 8.13 Market opportunity by geography 
• Exhibit 104: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

• 9.1 Market drivers 

• 9.2 Market challenges 

• 9.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends 

10 Vendor Landscape

• 10.1 Overview 

• 10.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 108: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 109: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 11.3 BIT Digital Inc. 
• Exhibit 111: BIT Digital Inc. – Overview
• Exhibit 112: BIT Digital Inc. – Product / Service
• Exhibit 113: BIT Digital Inc. – Key offerings

• 11.4 BitMain Group 
• Exhibit 114: BitMain Group – Overview
• Exhibit 115: BitMain Group – Product / Service
• Exhibit 116: BitMain Group – Key offerings

• 11.5 Canaan Inc. 
• Exhibit 117: Canaan Inc. – Overview
• Exhibit 118: Canaan Inc. – Product / Service
• Exhibit 119: Canaan Inc. – Key offerings

• 11.6 Ebang International Holdings Inc. 
• Exhibit 120: Ebang International Holdings Inc. – Overview
• Exhibit 121: Ebang International Holdings Inc. – Product / Service
• Exhibit 122: Ebang International Holdings Inc. – Key offerings

• 11.7 Elite Mining Inc. 
• Exhibit 123: Elite Mining Inc.  – Overview
• Exhibit 124: Elite Mining Inc.  – Product / Service
• Exhibit 125: Elite Mining Inc.  – Key offerings

• 11.8 ePIC Blockchain Technologies Inc. 
• Exhibit 126: ePIC Blockchain Technologies Inc. – Overview
• Exhibit 127: ePIC Blockchain Technologies Inc. – Product / Service
• Exhibit 128: ePIC Blockchain Technologies Inc. – Key offerings

• 11.9 Helium Systems Inc. 
• Exhibit 129: Helium Systems Inc. – Overview
• Exhibit 130: Helium Systems Inc. – Product / Service
• Exhibit 131: Helium Systems Inc. – Key offerings

• 11.10 HIVE Blockchain Technologies Ltd.
• Exhibit 132: HIVE Blockchain Technologies Ltd. – Overview
• Exhibit 133: HIVE Blockchain Technologies Ltd. – Product / Service
• Exhibit 134: HIVE Blockchain Technologies Ltd. – Key offerings

• 11.11 Hut 8 Mining Corp. 
• Exhibit 135: Hut 8 Mining Corp. – Overview
• Exhibit 136: Hut 8 Mining Corp. – Product / Service
• Exhibit 137: Hut 8 Mining Corp. – Key offerings

• 11.12 Intelion Mine LLC 
• Exhibit 138: Intelion Mine LLC – Overview
• Exhibit 139: Intelion Mine LLC – Product / Service
• Exhibit 140: Intelion Mine LLC – Key offerings

• 11.13 Marathon Digital Holdings Inc. 
• Exhibit 141: Marathon Digital Holdings Inc. – Overview
• Exhibit 142: Marathon Digital Holdings Inc. – Product / Service
• Exhibit 143: Marathon Digital Holdings Inc. – Key offerings

• 11.14 Riot Blockchain Inc. 
• Exhibit 144: Riot Blockchain Inc. – Overview
• Exhibit 145: Riot Blockchain Inc. – Business segments
• Exhibit 146: Riot Blockchain Inc. – Key offerings
• Exhibit 147: Riot Blockchain Inc. – Segment focus

• 11.15 Shenzhen Fusionsilicon Semiconductor Co. Ltd. 
• Exhibit 148: Shenzhen Fusionsilicon Semiconductor Co. Ltd. – Overview
• Exhibit 149: Shenzhen Fusionsilicon Semiconductor Co. Ltd. – Product / Service
• Exhibit 150: Shenzhen Fusionsilicon Semiconductor Co. Ltd. – Key offerings

• 11.16 Shenzhen Jingang Zhuoyue Co., Ltd
• Exhibit 151: Shenzhen Jingang Zhuoyue Co., Ltd – Overview
• Exhibit 152: Shenzhen Jingang Zhuoyue Co., Ltd – Product / Service
• Exhibit 153: Shenzhen Jingang Zhuoyue Co., Ltd – Key offerings

• 11.17 Spondoolies Ltd. 
• Exhibit 154: Spondoolies Ltd. – Overview
• Exhibit 155: Spondoolies Ltd. – Product / Service
• Exhibit 156: Spondoolies Ltd. – Key offerings

12 Appendix

• 12.1 Scope of the report 

• 12.2 Inclusions and exclusions checklist
• Exhibit 157: Inclusions checklist
• Exhibit 158: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 159: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 160: Research methodology
• Exhibit 161: Validation techniques employed for market sizing
• Exhibit 162: Information sources

• 12.5 List of abbreviations 
• Exhibit 163: List of abbreviations

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