Bitcoin Mining Hardware Market to Reach $1.7 Billion, Globally, by 2031 at 12.6% CAGR

Allied Market Research

Improved data transparency across payments in banks, financial services, and other business sectors drives the growth of the global bitcoin mining hardware market

PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Bitcoin Mining Hardware Market by Type (Application-Specific Integrated Circuit, Field Programmable Gate Array, Graphics Process Unit, Central Processing Unit), by Security (Two-Factor Authentication, Biometric Security, NFC Connectivity, Others), by Application (Enterprise, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global bitcoin mining hardware industry generated $528.9 million in 2021, and is estimated to reach $1.7 billion by 2031, witnessing a CAGR of 12.6% from 2022 to 2031. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Improved data transparency across payments in banks, financial services, and other business sectors drives the growth of the global bitcoin mining hardware market. On the other hand, lack of awareness about bitcoin mining among emerging economies impedes the growth to some extent. However, government bodies in the developing countries offer an array of opportunities for bitcoin mining hardware, which has been highly beneficial for the industry.

Covid-19 scenario-

• Surge in need to share financial details with consumers during the outbreak of the pandemic gave way to significant rise in the adoption of bitcoins by several financial institutions across the world, which in turn impacted the global bitcoin mining hardware market positively.
• This drift has continued to persist post-pandemic as well.

The application-specific integrated circuit segment to maintain its dominance during the forecast period-

On the basis of type, the application-specific integrated circuit segment held the major share in 2021, generating around half of the global bitcoin mining hardware market revenue, and is expected to rule the roost by 2031. The same segment would also cite the fastest CAGR of 14.8% throughout the forecast period. This is due to the fact that an application-specific integrated circuit (ASIC) is a kind of consolidated circuit that is exclusively built for a specific application or purpose.