Cryptocurrency mining requires network of several computers for verification of the transaction record, known as the blockchain. The miners in this computationally intensive process are offered a share of transaction fees and gain a higher probability of finding a new block through contributing high computational power. These support transactions facilitate enhanced security to network users and ensures integrity, which in turn influences growth of the global cryptocurrency mining market.
The total market capital for 1,325 different digital assets was valued at over US$ 350 billion in 2017. The increase in cryptocurrency mining is attributed to rising adoption of cryptocurrency and total market capital in these digital assets to gain long term profits. Increasing complications in finding new blocks of most popular cryptocurrencies that includes the Bitcoin has led to increased requirement for advanced hashing power, increase in power consumption, and requirement of specific weather conditions to maintain its operability over long durations. These factors in turn have led to significant investments in mining to gain high ROI (within 20 months) and additional income over the life cycle of the systems. Moreover, offerings that include remote hosting and cloud services have enhanced the user access to low cost solutions and favorable environment for these operations. These factors are expected to aid in substantial growth of the cryptocurrency mining market over the forecast period.
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Cryptocurrency mining activity could be performed from any regular system integrated with high processing capabilities. However, over the years, the industry has become highly capital intensive, in turn requiring the utilization of custom hardware solutions to perform economically viable operations. Growing difficulty level of these ledgers and increasing requirement of hashing power and electricity is expected to be among the major factors influencing the development of cryptocurrency mining. Growing market capitalization coupled with increasing scope of Alt coins in various applications is anticipated to be major factors influencing growth of the cryptocurrency mining market. However, declining probability of finding new blocks and requirement to provide higher transaction fees to support these operations are expected to among the major factors negatively impacting growth of the cryptocurrency mining market over the forecast period.
Global Cryptocurrency Mining Market, By Mining Enterprises:
Global Cryptocurrency Mining Market, By Revenue Source:
Global Cryptocurrency Mining Market, By Mining Type:
Cloud mining services
Remote hosting services
Global Cryptocurrency Mining Market, By Geography:
By Mining Enterprises:
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Key companies covered as a part of this study include AntPool, BTC.com, ViaBTC, BTC Top, SlushPool, F2Pool, Hashflare, Genesis Mining, Hashing 24, and Ebot
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