ASIC Miner Market growth by Application and Geography - Forecast and Analysis - 2022-2026

The ASIC Miner Market is projected to grow by USD 125.57 million with a CAGR of 6.74% during the forecast period 2021 to 2026.

This market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by application (enterprise and personal) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The  market report also offers information on several market vendors, including Advanced Micro Devices Inc., BIOSTAR Group Co. Ltd., Bitfury Group Ltd., BitMain Technologies Holding Co., BLOCKCHAIN HOLDING GMBH, Canaan Inc., DigiByte, DriveMining GmbH and Co. KG, Ebang International Holdings Inc., NiceHash Ltd., Poloniex, and Shenzhen MicroBT Electronics Technology Co. Ltd among others.

What will the ASIC Miner Market Size be During the Forecast Period?

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ASIC Miner Market: Key Drivers, Trends, and Challenges

Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the  market. During the COVID-19 pandemic, the demand for the market has been impacted significantly. But a holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.

Key ASIC Miner Market Driver

The profitability of cryptocurrency mining ventures is notably driving the market's growth. Cryptocurrency miners earn a small profit in cryptocurrency for every successful transaction, based on the quantity of work they do, which includes the processing power used by the mining hardware. Mining cryptocurrency is a slow and cumbersome process, which is not profitable on a small scale. Hence, cryptocurrency miners set up large-scale, dedicated rigs to increase the profits of their ventures. Small-scale cryptocurrency miners with advanced mining machines, such as Antminer S9, can earn up to $180 every month, while large-scale cryptocurrency miners can earn substantially more. The adoption of cryptocurrency cloud mining is growing. Customers participate in cloud mining projects that mine cryptocurrencies and then distribute a portion of the profits to their investors. Cloud-hosted cryptocurrency mining ventures use the investment to improve the process of mining by buying CPU power from a data center that uses its equipment to mine cryptocurrencies. The profitability of cryptocurrency mining ventures will lead to the entry of several small-scale cryptocurrency mining ventures that will adopt cloud mining, which will drive the growth of the global ASIC miner market during the forecast period.

Key ASIC Miner Market Trend

Investments by large semiconductor companies in mining-specific hardware are the key primary trend driving themarket growth. Mainstream desktops, laptops, and powerful gaming consoles have high energy needs and slow hash rates. Hence, they are not economical to run the cryptocurrency mining hardware. The increasing demand for mining hardware from hobbyists and beginners has encouraged large semiconductor companies and system designers to invest in cryptocurrency mining-specific hardware. PCs and gaming-specific hardware solutions were used earlier to mine cryptocurrencies, such as bitcoin. However, due to the inherent advantages of ASIC mining hardware, the use of PCs has reduced significantly. However, recently, due to the advent of alternative cryptocurrencies, such as Ether, which do not gain a significant advantage from the use of specialized mining hardware, the demand for high-end graphics cards is increasing. Currently, graphic processors and cards such as Nvidia GeForce GTX 1070/ 1080 Ti/ 1070 Ti and AMD Radeon RX 580/ 480/ Vega 56 are used to mine cryptocurrencies. Such investments by large semiconductor companies in mining-specific hardware are expected to drive the growth of the market during the forecast period.

Key ASIC Miner Market Challenge

Volatility in the value of cryptocurrencies is the major challenge impeding the market growth. The value of cryptocurrencies is extremely volatile. Hence, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is due to the significant share of cryptocurrencies held by a limited number of customers who buy and sell high volumes on trading platforms and trade exchanges. For instance, in June 2022, bitcoin lost more than 10% of its value in one day. It registered a massive drop in value from November 2021, when bitcoin was worth $69,000 per token. The lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also causes volatility in the value of cryptocurrencies. Hence, people who hold a significant share of cryptocurrencies manipulate the value to increase their profits without making any actual investments. Therefore, several investors have refrained from including cryptocurrencies in their financial portfolios, which is a challenge for the growth of the market.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major ASIC Miner Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Advanced Micro Devices Inc.
• BIOSTAR Group Co. Ltd.
• Bitfury Group Ltd.
• BitMain Technologies Holding Co.
• BLOCKCHAIN HOLDING GMBH
• Canaan Inc.
• DigiByte
• DriveMining GmbH and Co. KG
• Ebang International Holdings Inc.
• NiceHash Ltd.
• Poloniex
• Shenzhen MicroBT Electronics Technology Co. Ltd

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying growth strategies such as forming strategic alliances to offer better solutions to their customers to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

ASIC Miner Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for ASIC Miner Market?

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35% of the market’s growth will originate from North America during the forecast period. The US is the key market for the market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The early adoption of blockchain technology and cryptocurrencies in regional countries will facilitate the r market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020, the COVID-19 outbreak adversely affected the economies of North American countries, such as the US, Canada, and Mexico. It resulted in the temporary closure of industries such as manufacturing and automotive. However, the rise in the number of COVID-19 cases in the region brought about opportunities for sales of cryptocurrency owing to an increase in the number of cryptocurrency miners in the region. The share of the Canadian population that owned bitcoin reached 13% in 2021, up from 5% in 2020. Also, the growing investment and development of blockchain technology in the region will positively impact the use of cryptocurrencies as blockchain technology is an integral part of cryptocurrency mining and, in turn, will positively impact the growth of the regional market during the forecast period.

What are the Revenue-generating Application Segments in the ASIC Miner Market?

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The market share growth by the enterprise segment will be significant during the forecast period. Crypto mining can only be done using ASIC miners. As more people establish their mining businesses, ASIC mining becomes more competitive, which results in the reduction of the hash rate. Such factors are expected to drive the growth of the enterprise segment, which, in turn, is expected to drive the growth of the market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

 

ASIC Miner Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.74%
Market growth 2022-2026	$125.57 million
Market structure	Fragmented
YoY growth (%)	6.25
Regional analysis	North America, APAC, Europe, South America, and the Middle East and Africa
Performing market contribution	North America at 35%
Key consumer countries	US, China, Japan, UK, and France
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Advanced Micro Devices Inc., BIOSTAR Group Co. Ltd., Bitfury Group Ltd., BitMain Technologies Holding Co., BLOCKCHAIN HOLDING GMBH, Canaan Inc., DigiByte, DriveMining GmbH and Co. KG, Ebang International Holdings Inc., NiceHash Ltd., Poloniex, and Shenzhen MicroBT Electronics Technology Co. Ltd
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this ASIC Miner Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive ASIC miner market growth during the next five years
• Precise estimation of the ASIC miner market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the ASIC miner industry across North America, APAC, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of ASIC miner market vendors

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