NEW YORK, May 4, 2021 /PRNewswire/ — The global cryptocurrency mining hardware market by product (ASIC and GPU) and Geography (APAC, North America, Europe, South America, and MEA) has been added to Technavio’s offering. The global cryptocurrency mining hardware market is expected to grow by USD 2.80 billion, at a CAGR of over 7% during 2020-2024.
The COVID-19 pandemic has led to an uncertain price scenario for cryptocurrency. The need for people to self-isolate, quarantine measures, and other restrictions have led to less involvement by people in mining farms. This led to the postponement of several cryptocurrency-related events. However, some government organizations have recently proposed new regulations to minimize the negative impact of COVID-19 on the cryptocurrency market. For instance, in March 2020, the Arizona State Government in the US introduced the Cryptocurrency Act of 2020, which determines the regulation of crypto assets by different federal agencies. Such initiatives are expected to minimize the negative impact of COVID-19 on the market.
The market is expected to be driven by factors such as the rising popularity of mining pools, increasing number of product launches, and the growing demand for cryptocurrency-specific hardware.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Cryptocurrency Mining Hardware Market: Opportunities
Governments in developed regions such as the US and Canada have allowed their citizens to use cryptocurrencies for various purposes, including payment of property taxes. In addition, rising investments by vendors to expand their operations across geographies is expected to offer several growth opportunities in the market during the forecast period.
Cryptocurrency Mining Hardware Market: Segmentation by Product
Based on the segmentation by product, the market generated maximum revenue in the ASIC segment in 2019. The segment is driven by the proliferation of retail stores that will sell ASIC mining hardware solutions. The market growth in the segment will be significant during the forecast period.
Cryptocurrency Mining Hardware Market: Segmentation by Geography
APAC held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the rising investments by vendors for cryptocurrency mining facilities in countries such as China. Also, the acceptance of Bitcoin and other cryptocurrencies as payment options by merchants in China will contribute to the growth of the cryptocurrency mining hardware market in APAC during the forecast period.
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