NEW YORK, Oct. 20, 2022 /PRNewswire/ -- The Global ASIC Miner Market size is expected to grow by USD 125.57 million during 2021-2026, at a CAGR of 6.74%. The profitability of cryptocurrency mining ventures, growing demand for cryptocurrency-specific hardware, and the rising popularity of mining pools are some of the major factors propelling the market growth. However, volatility in the value of cryptocurrencies, operational complications associated with mining cryptocurrency, and lack of government support may impede the market growth.
Key ASIC Miner Market Driver
The profitability of cryptocurrency mining ventures is notably driving the ASIC miner 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, 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. 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. Buy Full Report
Key ASIC Miner Market Trend
Investments by large semiconductor companies in mining-specific hardware are the key primary trend driving the ASIC miner market growth. 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, 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 global ASIC miner market during the forecast period.
Key ASIC Miner Market Challenge
Volatility in the value of cryptocurrencies is the major challenge impeding the ASIC miner 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. The lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms 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 global ASIC miner market.
Global ASIC Miner Market Segmentation
Application
The ASIC miner 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 ASIC miner market during the forecast period.
Geography
35% of the market's growth will originate from North America...
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