Key Trends and Analysis of the Global Cryptocurrency Mining Equipment Market:
Among product types, GPUs segment is expected to witness a CAGR of 17.95% over the forecast
period. GPUs have much higher processing power as compared to regular computing machines
making them the ideal choice for cryptocurrency mining. The GPUs are being extensively used
on account of its capability to process multiple complex algorithms swiftly with leveraging on its
RAM, which is not to be found in ASICs. Moreover, development of ASICs for digital assets other
than bitcoin was not profitable enough.
Based on mining types, cloud mining services segment dominated the global cryptocurrency
mining equipment market share and it is expected to continue its dominance over the forecast
period. Cloud mining services facilitate mining operations to be carried out with the help of a
remote datacenter having shared processing power. Cloud mining enables miners to mine
cryptocurrencies without having to manage mining hardware. It is provided as a service and
hence some cost is incurred by the service providers. In return, the miners gets benefited with
the mining facilities over cloud, through the block rewards and the transaction fees of the
associated altcoin and the mining pool.
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https://www.coherentmarketinsights.com/market-insight/cryptocurrency-mining-equipment-market-1411
Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, North America is expected to witness highest
growth over the forecast period. Prominent factors influencing growth of the market include
the regions accountability for around 78% of the mining exchanges holding government licenses
or authorization. Moreover, about 34% of global cryptocurrency wallet providers are based out
of U.S. alone. Multiple mining facilities are concentrated in the region, creating a highly
favorable environment for large miners to thrive. The small miners in the region are concerned
about increasing taxation and consider it as a risk factor, whereas the large miners are least
bothered about these taxation norms due to large amount of profits they are earning. The
region has wide adoption and acceptance of cryptocurrencies in routine transactions which is
evident with the fact that about 73% of all the total bitcoin ATMs are located in the North
America. Moreover, the development of mining centers in Canada due to low cost electricity
and consistent internet connectivity is expected to fuel growth of the regional market over the
forecast period.