Cryptocurrency Mining Market, by Mining Enterprises, (Large Miners, Small Miners), by Revenue Source (Block Rewards, Transaction Fees), By Mining Type (Self-mining, Cloud Mining, and Remote Hosting Services), and by Geography - Global Trends and Forecast till 2025
- Report code : CMI251099 |
- Industry :
Smart Technologies
- Published On : Dec 2017 |
- Pages : 250 Pages |
- Format :
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Global Cryptocurrency Mining Market - Insights
Cryptocurrency mining is a computationally intensive process, which requires network of several computers for verification of the transaction record, known as the blockchain. The miners 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 help in providing enhanced security to network users, and ensures integrity, which is expected to be the prominent factor influencing growth of the global cryptocurrency mining market.
Emergence of digital currencies such as Bitcoin, Ethereum, and Bitcoin Cash has led to huge investments by companies and this is expected to aid in substantial growth of the market in the near future
As of December 12, 2017, the total market capital for 1,325 different digital assets was valued at over US$ 350 billion. Increasing adoption of cryptocurrency and total market capital in these digital assets to gain long term profits has led significant increase in mining activities. Moreover, 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.
Figure 1. Global Cryptocurrency Mining Market, 2016, by Region.
Source: Coherent Market Insights (2017)
Bitcoin Cash and Bitcoin are both limited to 21 million units as the maximum number over its lifetime for use. Limited supply of such assets in addition to increasing complications in finding new blocks is expected to impact the revenue of miners in the near future. Miners are emphasizing on increasing transaction fees for the asset exchange. This is anticipated to be among the major factors that may impact the users’ motivation in the utilization of Alt coins. Therefore, this is expected to be a factor hampering growth of the cryptocurrency mining market over the forecast period. According to Blockchain Luxembourg S.A., on December 12, 2017, the proportion of transaction fees as a percentage of total bitcoin mining was reported to be 9.12%. Moreover, according to Global Cryptocurrency Benchmarking Study - 2017 by Cambridge Centre for Alternative Finance, it was projected that the transaction fees is expected to reach 10% by the start of 2018, owing to decreasing block rewards.
According to Coherent Market Insights analysis, in 2016, China and the U.S. accounted for over 70% of the global cryptocurrency mining market, based on the total number of pools across the world. However, location of the pool operators does not determine mining capabilities of these regional pools. Low temperature, low electricity cost, and continuous internet access are basic requirements for high operability for these facilities. Robust electricity generation infrastructure in Russia and increasing inclination of major regional players such as RadiusGroup in deployment of cryptocurrency mining facility is expected to position the country as a key player in the market over the forecast period.
Key pool operators in the global cryptocurrency mining market include AntPool, BTC.com, ViaBTC, BTC Top, SlushPool, and F2Pool among others. These aforementioned companies accounted for over 75% of the industry as of December 2017. Chief players offering remote mining service contracts include Hashflare, Genesis Mining, Hashing 24, Ebot, ViaBTC, and others.
Cryptocurrency mining involves grouping unverified transactions into new blocks and integrating them to global blockchain ledgers. Computing power of the miners is used to secure such technologies, through computing large number of hashes. The technology rewards the operators through new blocks and also helps them with a share of the transaction fees to these enterprises. Moreover, each valid block added to the system helps in enhancing security for preventing malicious attacks, double spend or reorganization of the already confirmed transactions.
Market Dynamics
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.
Key features of the study:
- This report provides in-depth analysis of cryptocurrency mining, market size (US$ Billion), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017– 2025), considering 2016 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
- It profiles leading players in the global cryptocurrency mining market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, cryptocurrency market capital, key developments, and strategies and future plans
- 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
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future mining strategies, strategic know-how, market expansion and marketing tactics
- The global cryptocurrency mining market report caters to various stakeholders in this industry including investors, individual miners, cloud and remote mining companies, equipment manufacturers, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cryptocurrency mining market
Detailed Segmentation:
- Global Cryptocurrency Mining Market, By Mining Enterprises:
- Large Miners
- Small Miners
- Global Cryptocurrency Mining Market, By Revenue Source:
- Transaction Fees
- Block Rewards
- Global Cryptocurrency Mining Market, By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Global Cryptocurrency Mining Market, By Geography:
- North America
- U.S.
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Canada
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Europe
- Iceland
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Estonia
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Georgia
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Poland
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Sweden
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Rest of Europe
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Asia Pacific
- China
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Hong Kong
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Thailand
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Rest of Asia Pacific
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Latin America
- Venezuela
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Rest of Latin America
- By Mining Enterprises:
- Large Miners
- Small Miners
- By Revenue Source:
- Transaction Fees
- Block Rewards
- By Mining Type:
- Self-mining
- Cloud mining services
- Remote hosting services
- Company Profiles
- AntPool*
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments
- Future Plans
- BTC.com
- ViaBTC
- BTC Top
- SlushPool
- F2Pool
- Hashflare
- Genesis Mining
- Hashing 24
- Ebot
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
- Research Objective and assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Mining Enterprises
- Market Snippet By Revenue Source
- Market Snippet By Mining Type
- Market Snippet By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- Value Chain Analysis
- Porter’s Analysis
- Pest Analysis
- Global Cryptocurrency Mining Market, By Mining Enterprises, 2016 - 2025 (USD Million)
- Introduction
- Market Share Analysis, 2016 and 2025 (%)
- Segment Trends
- Large Miners
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Small Miners
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Global Cryptocurrency Mining Market, By Revenue Source, 2016 - 2025 (USD Million)
- Introduction
- Market Share Analysis, 2016 and 2025 (%)
- Segment Trends
- Block Rewards
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Transaction Fees
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Global Cryptocurrency Mining Market, By Mining Type, 2016 - 2025 (USD Million)
- Introduction
- Market Share Analysis, 2016 and 2025 (%)
- Segment Trends
- Self-mining
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Cloud mining services
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Remote Hosting Services
- Introduction
- Market Size and Forecast, 2016 - 2025, (USD Million)
- Global Cryptocurrency Mining Market, By Regions, 2016 - 2025 (USD Million)
- Introduction
- Market Share Analysis, By Region, 2016 and 2025 (%)
- North America
- Regional Trends
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Market Size and Forecast, By Mining Enterprises, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Revenue Source, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Mining Type, 2016 - 2025 (USD Million)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Market Size and Forecast, By Mining Enterprises, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Revenue Source, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Mining Type, 2016 - 2025 (USD Million)
- Iceland
- Estonia
- Georgia
- Poland
- Sweden
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Market Size and Forecast, By Mining Enterprises, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Revenue Source, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Mining Type, 2016 - 2025 (USD Million)
- China
- Hong Kong
- Thailand
- Rest of Asia Pacific
- Latin America
- Regional Trends
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Market Size and Forecast, By Mining Enterprises, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Revenue Source, 2016 - 2025 (USD Million)
- Market Size and Forecast, By Mining Type, 2016 - 2025 (USD Million)
- Venezuela
- Rest of Latin America
- Competitive Landscape
- Company Profiles
- AntPool
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- BTC.com
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- ViaBTC
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- BTC Top
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- SlushPool
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- F2Pool
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Hashflare
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Genesis Mining
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Hashing 24
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Ebot
- Company Overview
- Company Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- AntPool
- Analyst Views
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 120 market data tables and 70 figures on "Cryptocurrency Mining Market - Global forecast to 2025”.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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