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Global Cryptocurrency Mining Market Size, Share, Growth, Forecast: By Mining Type: Self-Mining, Cloud Mining Services, Remote Hosting Services; By Hardware: ASIC, GPU, CPU, Others; By Mining Enterprise: Large Miners, Small Miners; By Revenue Source: Transaction Fees, Block Rewards; Regional Analysis; Competitive Landscape; 2024-2032
Global Cryptocurrency Mining Market Outlook
The global cryptocurrency mining market size reached nearly USD 2.93 billion in 2023. The market is projected to grow at a CAGR of 12.2% between 2024 and 2032 to reach a value of around USD 8.26 billion by 2032.
Key Trends in the Market
Cryptocurrency mining refers to a process of establishing a cryptocurrency network with security. This process involves the verification of transactions, the creation of new blockchains, and the addition of transactions to a distributed ledger.
- Increasing awareness pertaining to financial gains in cryptocurrency activities is driving the market growth. In addition, cryptocurrency provides high profitability in a short amount of time as compared to long-term money commitments, which is further propelling the cryptocurrency mining market growth.
- The growing adoption of advanced technologies in cryptocurrency mining, such as immersion cooling, and cloud-based crypto mining software, to maximise profit is adding to the market growth. Over the forecast period, increasing mergers and acquisitions activities by key players, coupled with the foray of traditional companies into cryptocurrency mining, are likely to support the market.
- Favourable policies of various governments aimed towards legalising cryptocurrency are crucial cryptocurrency mining market trends. The legalisation of cryptocurrency is likely to spearhead foreign trading activities, which, in turn, is expected to boost cryptocurrency mining activities in the coming years.
Market Analysis
Based on mining type, the market is segmented into self-mining, cloud mining services, and remote hosting services. On the basis of hardware, the market is classified into ASIC, GPU, and CPU, among others. By mining enterprise, the market is divided into large miners and small miners.
Based on revenue source, the cryptocurrency mining market segmentations include transaction fees and block rewards. The major regional markets for cryptocurrency mining include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global cryptocurrency mining market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Binance Holdings
- BIT Mining Limited
- Greenidge Generation Holdings Inc.
- Genesis Mining Ltd.
- NiceHash
- Bitmain Technologies Ltd.
- Bitfury Group Limited
- Startminer
- Riot Platforms, Inc.
- BeMine
- Others
Market Share by Hardware
As per the cryptocurrency mining market analysis, ASIC is likely to witness an accelerated growth in the forecast period, owing to its high performance and ability to carry out quick mathematical operations and facilitate the development of new blocks in the blockchain. Over the forecast period, the anticipated increase in the demand for ASIC in large enterprises is likely to drive the segment’s growth.
Market Share by Mining Type
Remote hosting services account for a significant portion of the cryptocurrency mining market. Such services offer 24X7 technical support, mining pool management, and space for equipment storage, among other facilities to, provide enhanced convenience to miners.
Meanwhile, cloud mining services are expected to witness a steady growth in the forecast period as they are cost-effective and eliminate the requirement for expensive mining equipment.
Competitive Landscape
Binance Holdings is a company which deals with the trading and exchanging of large volumes of cryptocurrencies. It was founded in 2017 and offers ICO platforms and blockchain funds.
BIT Mining Limited is a renowned publicly traded cryptocurrency mining enterprise which focuses on creating value in the cryptocurrency sector, mining pools, and data centre operations, among others. It was established in 2001 and owns BTC.com, a leading blockchain browser.
Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency data centre and a company which generates power and offers expertise in blockchain. The company was founded in 1937 and is headquartered in Connecticut, the United States.
Other market players include Genesis Mining Ltd., NiceHash, Bitmain Technologies Ltd., Bitfury Group Limited, Startminer, Riot Platforms, Inc., and BeMine, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Mining Type |
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| Breakup by Hardware |
|
| Breakup by Mining Enterprise |
|
| Breakup by Revenue Source |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cryptocurrency Mining Market Analysis
8.1 Key Industry Highlights
8.2 Global Cryptocurrency Mining Historical Market (2018-2023)
8.3 Global Cryptocurrency Mining Market Forecast (2024-2032)
8.4 Global Cryptocurrency Mining Market by Mining Type
8.4.1 Self-Mining
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Cloud Mining Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Remote Hosting Services
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Cryptocurrency Mining Market by Hardware
8.5.1 ASIC
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 GPU
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 CPU
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Cryptocurrency Mining Market by Mining Enterprise
8.6.1 Large Miners
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Small Miners
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Cryptocurrency Mining Market by Revenue Source
8.7.1 Transaction Fees
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Block Rewards
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Cryptocurrency Mining Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Cryptocurrency Mining Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cryptocurrency Mining Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cryptocurrency Mining Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cryptocurrency Mining Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cryptocurrency Mining Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Binance Holdings
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 BIT Mining Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Greenidge Generation Holdings Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Genesis Mining Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 NiceHash
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Bitmain Technologies Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Bitfury Group Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Startminer
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Riot Platforms, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 BeMine
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cryptocurrency Mining Market: Key Industry Highlights, 2018 and 2032
2. Global Cryptocurrency Mining Historical Market: Breakup by Mining Type (USD Billion), 2018-2023
3. Global Cryptocurrency Mining Market Forecast: Breakup by Mining Type (USD Billion), 2024-2032
4. Global Cryptocurrency Mining Historical Market: Breakup by Hardware (USD Billion), 2018-2023
5. Global Cryptocurrency Mining Market Forecast: Breakup by Hardware (USD Billion), 2024-2032
6. Global Cryptocurrency Mining Historical Market: Breakup by Mining Enterprise (USD Billion), 2018-2023
7. Global Cryptocurrency Mining Market Forecast: Breakup by Mining Enterprise (USD Billion), 2024-2032
8. Global Cryptocurrency Mining Historical Market: Breakup by Revenue Source (USD Billion), 2018-2023
9. Global Cryptocurrency Mining Market Forecast: Breakup by Revenue Source (USD Billion), 2024-2032
10. Global Cryptocurrency Mining Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Cryptocurrency Mining Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Cryptocurrency Mining Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Cryptocurrency Mining Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Cryptocurrency Mining Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Cryptocurrency Mining Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Cryptocurrency Mining Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Cryptocurrency Mining Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Cryptocurrency Mining Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Cryptocurrency Mining Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Cryptocurrency Mining Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Cryptocurrency Mining Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Cryptocurrency Mining Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 2.93 billion in 2023.
The market is estimated to grow at a CAGR of 12.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 8.26 billion by 2032.
The Increasing awareness pertaining to the financial gains from cryptocurrency, favourable policies of various governments aimed towards legalising cryptocurrency, and an increase in demand for ASIC in large enterprises are the major drivers of the market.
The key trends in the market include increasing merger and acquisition activities and the growing adoption of advanced technologies in cryptocurrency mining, such as immersion cooling, and cloud-based crypto mining software, to maximise profit.
Self-mining, cloud mining services, and remote hosting services are the different mining types included in the market report.
ASIC, GPU, and CPU, among others, are the major segments based on hardware considered in the market report.
Binance Holdings, BIT Mining Limited, Greenidge Generation Holdings Inc., Genesis Mining Ltd., NiceHash, Bitmain Technologies Ltd., Bitfury Group Limited, Startminer, Riot Platforms, Inc., and BeMine, among others, are the key market players.
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