The market accounted for 4.07% year-over-year growth in 2021, which is expected to accelerate to an average of 7.85% in the following years. The Asia-Pacific region will contribute 56% of the growth, with China being the key market for cryptocurrency mining hardware. “The increased acceptance of cryptocurrencies is increasing the demand for cryptocurrency mining hardware in the [APAC] region,” the report reads.
This finding shouldn’t come as a surprise. Despite China’s total ban on cryptocurrency mining and trading, the underground mining industry is still active in the country, with its hashrate share slowly rebounding.
Besides China, there are four other countries that will have the highest revenue share globally. US, Russian Federation, Canada, and Switzerland are expected to remain the largest markets for cryptocurrency mining hardware.
Read also: Is crypto mining dead?
According to the report, the global mining hardware market is likely to remain fragmented, consisting of a few international players and a great number of small-scale participants operating in their home countries only. The ASIC segment of the market will continue its expansion, occupying the largest market share.
“The rising popularity of mining pools has been instrumental in driving the growth of the market. However, the declining cost of mining hardware might hamper the growth of market participants. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market,” the report concludes.
