Global Cryptocurrency Mining Market Report and Forecast 2024-2032

Global Cryptocurrency Mining Market Outlook

The global cryptocurrency mining market size reached nearly USD 2.93 billion in 2023. The market is projected to grow at a CAGR of 12.2% between 2024 and 2032 to reach a value of around USD 8.26 billion by 2032.

Key Trends in the Market

Cryptocurrency mining refers to a process of establishing a cryptocurrency network with security. This process involves the verification of transactions, the creation of new blockchains, and the addition of transactions to a distributed ledger.

• Increasing awareness pertaining to financial gains in cryptocurrency activities is driving the market growth. In addition, cryptocurrency provides high profitability in a short amount of time as compared to long-term money commitments, which is further propelling the cryptocurrency mining market growth.

• The growing adoption of advanced technologies in cryptocurrency mining, such as immersion cooling, and cloud-based crypto mining software, to maximise profit is adding to the market growth. Over the forecast period, increasing mergers and acquisitions activities by key players, coupled with the foray of traditional companies into cryptocurrency mining, are likely to support the market.

• Favourable policies of various governments aimed towards legalising cryptocurrency are crucial cryptocurrency mining market trends. The legalisation of cryptocurrency is likely to spearhead foreign trading activities, which, in turn, is expected to boost cryptocurrency mining activities in the coming years.

Market Analysis

Based on mining type, the market is segmented into self-mining, cloud mining services, and remote hosting services. On the basis of hardware, the market is classified into ASIC, GPU, and CPU, among others. By mining enterprise, the market is divided into large miners and small miners.

Based on revenue source, the cryptocurrency mining market segmentations include transaction fees and block rewards. The major regional markets for cryptocurrency mining include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global cryptocurrency mining market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Binance Holdings

• BIT Mining Limited

• Greenidge Generation Holdings Inc.

• Genesis Mining Ltd.

• NiceHash

• Bitmain Technologies Ltd. 

• Bitfury Group Limited 

• Startminer

• Riot Platforms, Inc.

• BeMine

• Others

Market Share by Hardware

As per the cryptocurrency mining market analysis, ASIC is likely to witness an accelerated growth in the forecast period, owing to its high performance and ability to carry out quick mathematical operations and facilitate the development of new blocks in the blockchain. Over the forecast period, the anticipated increase in the demand for ASIC in large enterprises is likely to drive the segment’s growth.

Market Share by Mining Type

Remote hosting services account for a significant portion of the cryptocurrency mining market. Such services offer 24X7 technical support, mining pool management, and space for equipment storage, among other facilities to, provide enhanced convenience to miners.

Meanwhile, cloud mining services are expected to witness a steady growth in the forecast period as they are cost-effective and eliminate the requirement for expensive mining equipment.

Competitive Landscape

Binance Holdings is a company which deals with the trading and exchanging of large volumes of cryptocurrencies. It was founded in 2017 and offers ICO platforms and blockchain funds.

BIT Mining Limited is a renowned publicly traded cryptocurrency mining enterprise which focuses on creating value in the cryptocurrency sector, mining pools, and data centre operations, among others. It was established in 2001 and owns BTC.com, a leading blockchain browser.

Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency data centre and a company which generates power and offers expertise in blockchain. The company was founded in 1937 and is headquartered in Connecticut, the United States.

Other market players include Genesis Mining Ltd., NiceHash, Bitmain Technologies Ltd., Bitfury Group Limited, Startminer, Riot Platforms, Inc., and BeMine, among others.

Key Highlights of the Report