Cryptocurrency Mining Hardware Market Size to Grow by USD 12053.16 million From 2022 to 2027

NEW YORK – The Cryptocurrency Mining Hardware Market share is set to increase by USD 12053.16 million from 2022 to 2027. However, the market’s growth momentum will accelerate at a CAGR of 11.35% as per the latest market forecast report by Technavio. The market will also record a 10.71% Y-O-Y growth Rate during the forecast period.

Technavio categorizes the global cryptocurrency mining hardware industry as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio calculates the global technology hardware, storage, and peripherals market size by considering the revenue generated from the hardware devices, equipment, and components sales.

The Global Cryptocurrency Mining Hardware Industry is fragmented and the five forces analysis by Technavio gives an accurate vision –

• Bargaining Power of Buyers
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers

Global Cryptocurrency Mining Hardware Market – Customer Landscape 

• The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.

Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Cryptocurrency Mining Hardware Industry as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Cryptocurrency Mining Hardware Industry size and actionable market understandings.

• North America is the fastest-growing region in the global Cryptocurrency Mining Hardware industry compared to the other areas. 41% growth will originate from North America. Due to the presence of multiple cryptocurrency mining businesses and the large number of other companies that aim to start operations there, the US accounts for the largest share of income in the North American market for cryptocurrency mining gear. During the forecast period, such endeavors are anticipated to fuel the market’s growth with a focus on North America.

• The Global Cryptocurrency Mining Hardware industry as per Product segmentation is categorized into ASIC, GPU, and Others.
• Revenue Generating Segment – The miners favor ASIC mining gear solutions because they allow them to continue to be lucrative even when the value of cryptocurrencies decreases past a certain level. The value of cryptocurrencies must remain high in order for miners to be profitable due to the high initial cost of ASIC mining hardware solutions. Therefore, a drop in the value of cryptocurrencies will hurt small miners’ profit margins or result in losses, preventing them from making investments in new ASIC mining gear solutions. Such a boost in cryptocurrency value may affect the need for ASIC mining hardware solutions, which would, in turn, drive the market’s growth throughout the projected period.

• One of the main factors propelling the expansion of the global cryptocurrency mining hardware industry is the profitability of cryptocurrency mining businesses. For each successful transaction, bitcoin miners receive a tiny reward in cryptocurrency based on the amount of work they put in, which also includes the processing power required by the mining equipment.
• Cryptocurrency mining is a time-consuming, laborious operation that is not lucrative on a small scale. As a result, cryptocurrency miners install substantial dedicated rigs to boost their business revenues.

Major trends influencing the growth of glamping 

• The expansion of the worldwide cryptocurrency mining hardware industry will be fueled by retailers accepting cryptocurrencies. The vast majority of the population, shops, and merchandisers are increasingly accepting cryptocurrencies like Bitcoin and Ether for daily transactions.
• The public’s opinion of and use of cryptocurrencies for financial transactions will improve if major retailers employ them more frequently. Bitcoin’s value increases more quickly than inflation, enabling businesses to save enough money for unexpected situations. Therefore, it is crucial for both small enterprises and stores to accept cryptocurrencies as a substitute payment method.

• A significant obstacle to the expansion of the global market for cryptocurrency mining hardware is the volatility in the value of cryptocurrencies. Cryptocurrency prices are incredibly erratic. Therefore, bitcoin is not a part of the financial portfolios of low-risk investors.
• The huge portion of cryptocurrencies held by a small group of people who transact in large volumes on trading platforms and exchanges is what causes the value to fluctuate. The value of cryptocurrencies fluctuates due to the absence of transaction fees, position fees, trade posting costs, and regulations on trading platforms. Therefore, those who own a sizeable portion of cryptocurrencies manipulate the price to raise their earnings without actually making any investments.

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist the Cryptocurrency Mining Hardware Industry growth during the next five years
• Estimation of the Cryptocurrency Mining Hardware Industry size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the Cryptocurrency Mining Hardware Industry
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of Cryptocurrency Mining Hardware Industry vendors

Source: Technavio Research