Global Bitcoin Mining Hardware Market Report 2023: Sector is Expected to Reach $1.7 Billion by 2031 at a CAGR of 12.6%
Dublin, May 05, 2023 (GLOBE NEWSWIRE) — The “Bitcoin Mining Hardware Market By Type, By Security, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the global bitcoin mining hardware market was valued at $528.91 million in 2021, and is estimated to reach $1.7 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
Key Market Players
- Bitcoin Merch
- BITMAIN Technologies Holding Company
- Compass Mining, Inc.
- BIOSTAR Group
Bitcoin is one of the most popular types of cryptocurrencies, which are digital mediums of exchange that exist solely online. Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. It is a mechanism by which bitcoin and several other cryptocurrencies generate new coins and validate new transactions. It entails the use of huge, decentralized networks of computers all over the world to verify and safeguard blockchain, which are virtual ledgers that record bitcoin transactions.
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. The use of bitcoin across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose.
Moreover, bitcoins are getting a significant surge among developing countries. The countries such as China, U.S., and Brazil have witnessed significant growth in the bitcoin owing population. In addition, developing economies offer significant opportunities for bitcoin hardware to expand their business by offering easier access to capital and financial services. Moreover, Another trend is the increased adoption of cloud mining, which allows individuals and organizations to rent mining hardware and pay for mining power on a per-hashrate basis.
This allows individuals who may not have the resources to purchase and operate their own mining rigs to participate in the mining process. Therefore, these are some of the factors that propel the growth of bitcoin mining hardware market. However, lack of awareness about bitcoin mining among various emerging countries restricts growth of the market across the globe.
On the contrary, developing economies offer significant opportunities for bitcoin mining hardware to expand their business by offering easier access to capital and financial services. Developing economies offer significant opportunities for bitcoin mining hardware to expand their business by offering easier access to capital and financial services.
Bitcoin, the most famous of these cryptocurrencies, has already permitted many people and companies to develop and flourish, as their source of income. The economy is slowly shifting to adapt to these needs and cryptocurrencies have a great potential in satisfying them. Evolving demographics, rise in consumerism and openness toward new hardware services and others services such as IoT, Blockchain, and others provide lucrative opportunities for bitcoin mining across developing nations.
According to Oxford Business Group, Nigeria is the leading country for Bitcoin and cryptocurrency adoption due to use it as a means of sending remittances. Furthermore, rise in smartphone penetration in Latin America and Africa enables mobile payment service providers to offer sophisticated services on mobile phones. Therefore, this is considered as an important opportunity for the growth of the bitcoin mining hardware market.
Key benefits for stakeholders
- The study provides in-depth analysis of the global bitcoin mining hardware market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global bitcoin mining hardware market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global bitcoin mining hardware market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
- Application-Specific Integrated Circuit
- Field Programmable Gate Array
- Graphics Process Unit
- Central Processing Unit
- Two-Factor Authentication
- Biometric Security
- NFC Connectivity
For more information about this report visit https://www.researchandmarkets.com/r/fitldv
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