Considering the newly emerging trend of virtual currency, the acceptance of bitcoins is increasing rapidly. People follow a process known as “bitcoin mining” to acquire bitcoins. Bitcoin mining is carried out with the help of bitcoin mining hardware as well as a specially designed bitcoin mining software.
The hardware and software are connected to each other and provide miners connection to the blockchain and bitcoin mining pool. Bitcoin mining is a process of mining computers to acquire virtual coins known as bitcoins. Bitcoin mining hardware is manufactured by using the “ASIC,” which stands for Application-Specific Integrated Circuit. The ASIC is specially designed for the process of bitcoin mining. Bitcoin mining is the backbone of the entire bitcoin network.
The popularity of bitcoin mining is leading to the rising demand for bitcoin mining hardware. In addition, bitcoin mining hardware manufacturers are focusing on continuous upgradations to attract new customers and boost their market share to the next level. The demand for bitcoin mining hardware is expected to be fuelled as the bitcoin mining process involves the usage of specialised computers with dedicated hardware.
As the popularity of bitcoins is increasing, the demand for the hardware required for the mining process is also growing rapidly. A major factor driving the bitcoin mining hardware market is the fact that it is an essential tool for minors to mine bitcoins from the network and without it, minors will be unable to acquire bitcoins.
Moreover, bitcoin mining hardware ensures security throughout bitcoin mining networks, which makes it difficult for hackers to attack, stop or alter the processes, and this is also boosting the demand for bitcoin mining hardware.
On the other hand, higher prices and lack of awareness regarding bitcoin mining in underdeveloped as well as developing countries are among the most significant factors hampering the growth of the bitcoin mining hardware market over the forecast period.
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Bitcoin mining hardware is available in different types. The segmentation on the basis of types includes CPU/GPU, FPGA and ASIC.
Bitcoin mining hardware is used for different applications. The segmentation on the basis of applications includes personal and enterprise level.
On the basis of region, the global bitcoin mining hardware market is segmented into North America, Latin America, Western Europe, Eastern Europe, the South East Asia and Others of Asia Pacific, Japan, China and Middle East & Africa.
Examples of some of the key players in the global bitcoin mining hardware market include Ningbo Pntech New Energy Co., Ltd.; Shenzhen Tomax Technology Co., Limited; Shaoxing Shangyu Hoping Electric Appliance Co., Ltd.; Shenzhen Youyida Technology Co., Limited; Shanghai Foron Electrical Technology Co., Ltd.; SOEYI Technology Limited; ITZR Technology Co. LTD and MeiZhou DingTai Circuit Board Co.,Ltd.
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With the rapidly changing requirements from industries as well as enterprises, the demand for more advanced hardware is increasing. Earlier, miners used CPU (Central Processing Unit) for mining, but it was not enough to mine effectively. Later, miners started using the GPU (Graphical Processing Unit) in computer graphic cards. The main advantage of the GPU was that it was able to perform the mining process with data hashing fifty to a hundred times faster. Moreover, GPU consumed less power.
After this, miners started to use FPGA (Field-Programmable Gate Array) processors by attaching them to computers through a USB connection. At present, owing to constant developments, miners are using ASIC (Application-Specific Integrated Circuit) hardware, a modern bitcoin mining hardware that helps perform the mining process at a higher speed as compared to traditional mining processes.
North America holds a significant market share in terms of revenue generation from the sale of bitcoin mining hardware due to the rapid adoption of bitcoin mining hardware in this region by enterprises and personal users. In addition, European countries are increasingly demanding bitcoin mining hardware to improve the mining speed and experience.
The SEA and Other APAC region is expected to grow at a high CAGR over the forecast period due to increasing awareness about bitcoin mining and the availability of bitcoin mining hardware in this region, which is expected to boost the adoption of bitcoin mining hardware in the region. The MEA region is expected to grow at moderate CAGR due to the slow adoption of bitcoin mining hardware.
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The global bitcoin mining hardware market is segmented on the basis of type, application and region.