Bitcoin Mining Hardware Market to Reach $1.7 Billion, Globally, by 2031 at 12.6% CAGR
Improved data transparency across payments in banks, financial services, and other business sectors drives the growth of the global bitcoin mining hardware market
Allied Market Research published a report titled Bitcoin Mining Hardware Market. According to the report, the global bitcoin mining hardware industry generated $528.9 million in 2021 and is estimated to reach $1.7 billion by 2031, witnessing a CAGR of 12.6% from 2022 to 2031. In addition, the report offers a detailed analysis of the changing market trends, top segments, critical investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Improved data transparency across payments in banks, financial services, and other business sectors drives the growth of the global bitcoin mining hardware market. On the other hand, a lack of awareness about bitcoin mining among emerging economies impedes growth to some extent. However, government bodies in developing countries offer an array of opportunities for bitcoin mining hardware, which has been highly beneficial for the industry.
- Surge in need to share financial details with consumers during the pandemic outbreak gave way to a significant rise in the adoption of bitcoins by several financial institutions across the world, which in turn impacted the global bitcoin mining hardware market positively.
- This drift has continued to persist post-pandemic as well.
The application-specific integrated circuit segment to maintain its dominance during the forecast period
Based on type, the application-specific integrated circuit segment held the major share in 2021, generating around half of the global bitcoin mining hardware market revenue, and is expected to rule the roost 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 consolidated circuit exclusively built for a specific application or purpose.
The two-factor authentication segment held the major share in 2021
Based on security, the two-factor authentication segment accounted for around half of the global bitcoin mining hardware market revenue in 2021 and is expected to retain its dominance by 2031. With 2FA enabled on bitcoin, users will have to provide a 2FA code while performing specific actions on the app. The NFC connectivity segment, however, would showcase the fastest CAGR of 17.0% during the forecast period. This is because this technology is used across the banking sector for seamless communication between devices.
The personal segment to rule the roost
Based on application, the personal segment contributed to the highest revenue in 2021, holding nearly three-fourths of the global bitcoin mining hardware market share. Increasing awareness regarding bitcoin and mining among individuals fuels the segment's growth. On the other hand, the enterprise segment would display the fastest CAGR of 15.4% from 2022 to 2031, due to rise in demand for immersive technology across the world.
Asia-Pacific garnered the highest share in 2021
Based on region, Asia-Pacific garnered the major highest share in 2021, holding more than one-third of the global bitcoin mining hardware market revenue. This is because this region has numerous bitcoin miners, which is mainly due to China being one of the largest economies in terms of mining bitcoins. North America, simultaneously, would cite the fastest CAGR of 15.5% during the forecast period. Surge in demand for bitcoins in the commercial sector across North America is one of the leading factors fueling the market growth. Moreover, several government initiatives to legally adopt cryptocurrency systems in Canada and the United States have supplemented the growth.
Leading Market Players
- Bitcoin Merch
- Compass Mining, Inc.
- BITMAIN Technologies Holding Company
- BIOSTAR Group
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 every market player.
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