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.
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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.”
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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.
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