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Cryptocurrency Mining Market To Reach US$ 2.8 Billion By 203…

(MENAFN- Ameliorate Digital Consultancy)
The global cryptocurrency mining market size is expected to grow from USD 1.6 billion in 2021 to USD 2.8 billion by 2030 , at a CAGR of 7.5% from 2022 to 2030. Cryptocurrency mining is a mechanism from which cryptocurrencies generate new coins and validate new transactions. Over the last few years, miners have become very sophisticated, employing complex machinery to speed up mining operations. As a result, companies are developing advanced mining machines for their clients. Furthermore, some businesses are collaborating with others to provide customers with a variety of services. As a result, as the demand for a mining pool grows in the market, so does the demand for advanced mining machines. However, the high transaction fees associated with it may limit the market’s growth.

Advances in technology to make cryptocurrency mining more profitable by reducing power consumption while increasing the hash rates are expected to drive the market’s growth over the forecast period. Over the forecast period, technological advancements to make cryptocurrency mining more profitable by reducing power consumption while increasing hash rates are expected to drive the market’s growth. The increasing use of cryptocurrency for a variety of applications, as well as the subsequent increase in cryptocurrency mining, which is encouraging cryptocurrency miners to form mining pools to pool their computational resources over a network, are both expected to contribute to market growth. The rising popularity of various cryptocurrencies, which is driving demand for cryptocurrency-specific hardware, is expected to play a significant role in propelling market growth. Continued digitalization, the proliferation of smartphones, and the increasing internet penetration rate are some of the other factors that bode well for the market’s growth over the forecast period.

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Scope of the Global Cryptocurrency Mining Market

The study categorizes the cryptocurrency mining market based on mining enterprise, revenue source, hardware, application, and region.

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By Mining Enterprise Outlook

Large Miners

Small Miners

By Revenue Source Outlook

Block Rewards

Transaction Fees

By Hardware Outlook By Application Outlook

Remote Hosting Services

Cloud Mining Services

Self-Mining

By Region Outlook

North America

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

Slovenia

Slovakia

the Netherlands

Belgium

Norway

Denmark

Czech Republic

Sweden

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Vietnam

the Philippines

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global cryptocurrency mining market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global cryptocurrency mining market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia–Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

China dominates the Asia-Pacific region due to the presence of major key players such as Canaan Inc., and Shenzhen Microbt Electronics Technology Co. Ltd. Germany leads the European region in cryptocurrency adoption, with Bitcoin and Ethereum being widely used in e-commerce to purchase goods. cryptocurrencies are regularly transferred and traded in Germany, and businesses have made investments in the new digital currency.

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Key Market Players

Major players in the global cryptocurrency mining market are:

canaan inc.

hive blockchain technologies ltd.

argo blockchain

ViaBTC

Braiins Systems s.r.o.

F2Pool

Bit Digital, Inc.

Riot Blockchain, Inc.

Genesis Mining Ltd.

BITMAIN Technologies Holding Company

Hut 8 Mining Corp.

iMining Technologies Inc.

MinerGate

ASICminer Company

Miningstore

MININGSKY

INNOSILICON Technology Ltd.

Shenzhen MicroBT Electronics Technology Co., Ltd

GMO Internet

Core Scientific

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