CRYPTOCURRENCY MINING EQUIPMENT MARKET ANALYSIS

Cryptocurrency Mining Equipment MarketSize and Trends

Altcoins have gained significant popularity and acceptance in economies such as Canada, the U.S., France, Germany, Japan, and Mexico. According to CoinMarketCap, as of March 2018, total market capital of all the mineable and non-mineable cryptocurrencies was pegged at US$ 296.03 billion, up from US$ 22.62 billion in March 2017, is expected to witness significant growth over the forecast period. This has led to increased emphasis on the deployment of systems for transaction verification and authentication. Moreover, owing to high market capital of cryptocurrencies such as Bitcoins, Ethereum, Bitcoin Cash, Litecoin, Monero, Dash, Ethereum Classic, Bitcoin Gold, and Zcash have led to increased profitability of the miners. Thus, to ensure smooth functioning of these digital transactions and achieve high probability of finding new blocks in addition to transaction fees, cryptocurrency mining equipment are estimated to witness significant demand over the forecast period.

Figure 1. Global Cryptocurrency Equipment Market

Source: Coherent Market Insights (2018)

Development of ASICs and GPUs with hashing power ranging from few GHs to Th/s is expected to present strong growth prospects over the forecast period