Global ASIC Bitcoin Mining Hardware Market Size By Type (ETH Type, BTC Type), By Application (Enterprise, Personal), By Geographic Scope And Forecast

ASIC Bitcoin Mining Hardware Market Size And Forecast

ASIC Bitcoin Mining Hardware Market size was valued at USD 9.21 Billion in 2024 and is projected to reach USD 26.74 Billion by 2031, growing at a CAGR of 22.3% from 2024 to 2031.

The increasing popularity of Bitcoin across the globe is one of the key factors driving the growth of the market. One of the main factors driving the global growth of the ASIC Bitcoin Mining Hardware market is the massive demand for cryptocurrency. Not only among investors but also in popular culture, there is rising popularity for cryptocurrency. Bitcoin, bitcoin cash, and other cryptocurrencies are becoming increasingly popular around the world. The ASIC Bitcoin Mining Hardware Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global ASIC Bitcoin Mining Hardware Market Definition

The mining of cryptocurrencies refers to the use of computer hardware for the computational processes of a blockchain network. Cryptocurrency mining is one of the ways to help secure a blockchain network from attacks. It also financially incentivizes the miners of that network to assist in securing it. The Bitcoin mining hardware is highly powerful and specialized computers used to mine cryptocurrencies like Bitcoin. Short for application-specific integrated circuits (ASIC), ASIC is a computerized device that’s wired solely for crypto asset mining and designed to mine cryptocurrency. In 2012, the first ASIC miner was released, which was about 200 times more powerful than the standard GPU miners of the time.

ASIC (application-specific integrated circuit) mining power is usually measured in terahashes per second (th/s), with one terahash equal to 1,000 megahashes (a trillion hashes). The ASIC Bitcoin Mining Hardware offers various benefits such as ease of use, high-profit opportunities, more environmentally friendly, and higher mining efficiency among others. Owing to its solely-purpose design for crypto mining, ASIC bitcoin mining hardware has plug-and-mine capabilities that help miners set up their devices with relative simplicity. This hardware offers higher efficiency than GPUs and CPUs, in terms of computing power and mining efficiency. Furthermore, ASIC Bitcoin Mining Hardware tends to work faster, thus increasing the to solve the hash and being rewarded in crypto. Moreover, to address the challenge of high-energy consumption of Bitcoin mining, ASICs are designed to consume less electrical energy.

Global ASIC Bitcoin Mining Hardware Market Overview

The rising popularity of Bitcoin mining across the globe is surging the demand for ASIC Bitcoin Mining Hardware. Bitcoin mining is still extremely popular in 2022. According to the Buy Bitcoin Worldwide data, Bitcoin miners are currently mining around USD 20 million worth of Bitcoin per day, which is equal to USD 600 million per month. However, there are some downsides of the ASIC Bitcoin Mining Hardware that can hinder the growth of the market over the forecast period.

ASIC mining hardware is generally expensive, with prices typically ranging from USD 2,000-15,000 USD. In addition to this, the volatile nature of the cryptocurrency market itself can affect the ASIC bitcoin mining hardware market, as these mined coins can fluctuate substantially in price, thus affecting the profitability models of costly ASIC hardware. The rising popularity of retail bitcoin mining across the globe is offering potential opportunities for ASIC Bitcoin Mining Hardware vendors over the forecast period.

Global ASIC Bitcoin Mining Hardware Market Segmentation Analysis

The Global ASIC Bitcoin Mining Hardware Market is segmented on the basis of Type, Application, and Geography.

ASIC Bitcoin Mining Hardware Market, By Type

• ETH Type
• BTC Type
• Other

Based on Type, The market is segmented into the ETH Type and BTC Type, and Others. ETH uses a mining algorithm called “Ethash. This means that it’s much easier and more profitable — to mine ETH with a regular computer than with a specialized mining rig. BTC type, on the other hand, uses the SHA-256 algorithm and thus favors ASIC miners over GPUs. The BTC type accounted for the major market share in 2021 in the ASIC bitcoin mining hardware market. An application-specific integrated circuit (ASIC) miner is a computerized device that uses ASICs for the sole purpose of mining Bitcoin cryptocurrency.

ASIC Bitcoin Mining Hardware Market, By Application

• Enterprise
• Personal

Based on Application, The market is segmented into Enterprise and Personal. The enterprise segment held the major market share in the ASIC Bitcoin Mining Hardware market in 2021. The rising adoption of ASIC Bitcoin Mining Hardware in enterprises that are solely dedicated to mining cryptocurrencies is boosting the growth of the segment. The personal segment is anticipated to grow at the highest CAGR over the forecast period. This is mainly due to the growing interest of the people in mining cryptocurrencies.

ASIC Bitcoin Mining Hardware Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Regional Analysis, the ASIC Bitcoin Mining Hardware Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North American region accounted for the major market share in the ASIC Bitcoin Mining Hardware market in 2021. This is mainly due to the rapid adoption of mining hardware for virtual currencies across the globe. Furthermore, the presence of a large number of ASIC bitcoin hardware companies in the countries such as the U.S. and Canada is further bolstering the growth of the market. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. This is mainly due to rising awareness about cryptocurrencies across the region.

Key Players

The “Global ASIC Bitcoin Mining Hardware Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are DigBig, Innosilicon, HashFast Technologies LLC, Gridseed, MegaBigPower, Btc-Digger, ASICrising GmbH, LK Group, iCoinTech, BTCGARDEN, BIOSTAR Group, Spondoolies-Tech LTD, KnCMiner Sweden AB, Gridchip, BitDragonfly, Antminer, Ebang, BitFury Group, Black Arrow, Clam Ltd, SFARDS, Land Asic, Bitmain Technologies Ltd, CoinTerra Inc, Butterfly Labs Inc.

Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2021, SFARDS announced that the company has taped out their 28nm ASIC that will allow miners to mine both Scrypt coins like Litecoin and SHA-256/Bitcoin.
• In September 2022, Bitmain Technologies, the world’s largest producer of application-specific integrated circuit (ASIC) bitcoin miners, revealed the company is offering a discount on Antminer S19 Pro mining rigs.
• In February 2022, Bitfury Group, the Bitcoin mining and crypto tech pioneer, announced the launch of a new 28MW digital asset mining data center in Sarnia, Ontario, with a capacity of 16MW in February and an additional 12MW in May 2022.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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