Cryptocurrency Mining Equipment Market is forecasted to witness a thriving growth by 2026

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Our study includes organizations that deal with cryptocurrency mining, specifically it’s about the equipment used for cryptocurrency mining. Increasing popularity of cryptocurrencies and its mining along with high rewards it offers on successful mining of blocks are expected to be among the prominent factors fueling growth of cryptocurrency mining equipment market.

Market Dynamics

The trend of digital currencies in the form of cryptocurrencies is gaining traction, owing to which multiple mining methods are being developed to mine complex and optimum number of blocks. The hardware required for cryptocurrency mining range from the domestic devices such as PCs, smartphones and tablets to the highly sophisticated equipment such as Graphics Processing Units (GPUs), Application Specific Integrated Circuits (ASICs) and Field Programmable Gate Arrays (FPGAs).

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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

In April 2017, Russian Miner Coin launched the new pantec miner with power consumption of 600 W and power connection of 220 V. In April 2017, Zhejiang Ebang Communication Co., Ltd introduced E10 18T Miner integrated with Samsung 10nm Chips for bitcoin mining. These 10nm DW1228 chips manufactured by Samsung find significant applications in boosting E10 hashrate featuring speeds upto 18TH/s. Other major companies that include Advanced Micro Devices, Inc., NVIDIA graphics Pvt. Ltd. and Bitmain Technologies Ltd. are also involved in the development of GPUs and ASICs with higher power efficiency and faster hash rates for providing the miner with higher probability of finding new blocks and garner increased profit margins. In conjunction with these factors, growing difficulty levels of the altcoin mining will present strong growth prospects for the cryptocurrency mining equipment market over the forecast period.

Cryptocurrency mining functions on the principle of blockchain technology, wherein mining involves assembling transactions into blocks and executing multiple computations, in order to seal those blocks. These functions are based on distributed computing principle and require other systems to verify the transaction and in turn are rewarded with transaction fees and new block.

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About Author

Amy Carpenter is a reporter for Plains Gazette. She's worked and interned at Huffington Post and Vanity Fair. Amy is based in Arlington and covers issues affecting her city. In addition to her severe oyster addiction, she's a Netflix enthusiast, a red wine drinker, and a voracious reader.