LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cryptocurrency mining hardware market to grow at a CAGR of close to 10% during the period 2018-2022, according to their latest report.
The investments by large semiconductor companies in mining-specific hardware are one of the major trends being witnessed in the market. Mainstream desktops, laptops, and powerful gaming consoles have high energy needs and slow hash rates. Thus, they are not economical to run cryptocurrency mining hardware. The growing demand from hobbyists and beginners for mining hardware has encouraged large semiconductor companies and system designers to invest in cryptocurrency mining-specific hardware. PCs and gaming specific-hardware solutions were used earlier to mine cryptocurrencies such as Bitcoin. But, due to the advantages of ASIC mining hardware, the use of PCs has decreased.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the profitability of cryptocurrency mining ventures as a key factor contributing to the growth of the global cryptocurrency mining hardware market:
Profitability of cryptocurrency mining ventures
Cryptocurrency miners earn a small profit in cryptocurrency for every successful transaction based on their quantity of work that includes the processing power used by the mining hardware. Mining cryptocurrency is a slow and cumbersome process that is not profitable in small scale. Therefore, cryptocurrency miners set up large-scale dedicated rigs to increase the profits of their ventures. The adoption of cryptocurrency cloud mining has been on the rise.
According to a senior analyst at Technavio for IT hardware, “In cloud mining, customers invest in a cloud-hosted cryptocurrency mining venture that transfers a certain share of the earned cryptocurrency to its customers. The cloud-hosted cryptocurrency mining venture uses the investment to improve its process of mining by buying CPU power from a data center, which uses its equipment to mine cryptocurrency. The profitability of cryptocurrency mining ventures will lead to the adoption of cloud mining. This will boost the growth of the cryptocurrency mining hardware market.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global cryptocurrency mining hardware market segmentation
This market research report segments the global cryptocurrency mining hardware market into the following products (ASIC and GPU) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the ASIC segment held the largest market share in 2017, accounting for over 74% of the market. The market share of this segment will decrease by nearly 3% by 2022. However, this segment will dominate the market throughout the forecast period.
The Americas was the leading region for the global cryptocurrency mining hardware market in 2017, accounting for a market share of more than 33%. This region will post steady growth during the forecast period.
Personalize this report according to your needs: Request a customization
Technavio’s analysts and industry experts will work directly with you to understand your requirements. We offer USD 1,000 worth of FREE customization at the time of purchase.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
