Global ASIC Miner Market Size By Type (ETH Type, BTC Type), By Application (Enterprise, Personal), By Geographic Scope And Forecast

ASIC Miner Market Size And Forecast

ASIC Miner Market size was valued at USD 9.15 Billion in 2024 and is projected to reach USD 26.7 Billion by 2031, growing at a CAGR of 12.2% from 2024 to 2031.

One of the main factors driving the global growth of the ASIC Miner market is the massive demand for cryptocurrency. Not only among investors but also in popular culture, there is growing respect for cryptocurrency. Bitcoin, bitcoin cash, Ethereum, ripple, litecoin, dashcoin, and other cryptocurrencies are becoming increasingly popular around the world. The Global ASIC Miner Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global ASIC Miner Market Definition

An application-specific integrated circuit (abbreviated as ASIC) is defined as an integrated circuit (IC) that is tailored to a specific application rather than being designed for general use. After CPUs, GPUs, and FPGAs, ASICs were the next step in Bitcoin mining hardware development. All Bitcoin mining hardware that is practical in use will use one or more Bitcoin (SHA256d) ASICs, which can easily outperform the aforementioned platforms in terms of speed and efficiency. It's worth noting that Bitcoin ASIC chips can only be used for Bitcoin mining.

While there are a few exceptions, such as chips that mine both Bitcoin and scrypt, this is usually due to the chip package having two ASICs: one for Bitcoin and the other for script. Because ASIC development and manufacture are very expensive processes, and ASIC chips are often the components that require the most power on a Bitcoin miner, the ASIC chip of choice determines, in large part, the cost and efficiency of a given miner. While there are many mining hardware manufacturers, some should be considered systems integrators, as they use ASIC chips made by others and combine them with other electronic components on a board to create Bitcoin mining hardware.

An ASIC miner is a computer that is solely dedicated to crypto mining. Though more expensive to buy, they are far more powerful (higher hash rate) and energy-efficient than CPUs and GPUs (graphics cards) - which were used for bitcoin mining in the early days - and even FPGAs (field-programmable gate arrays), which were the most efficient option in 2011. A $2500 ASIC miner, according to Mike Murray, creator of The Geek Pub, is equivalent to 400 GPUs or 12,000 CPUs, which would cost $18 million. For comparison, the Bitmain Antminer S9 had the highest available hash rate in February 2018, at 14 TH/s, with an efficiency of 0.1 Joule per GH/s, and cost $3200 on Amazon, not including the power supply.

Global ASIC Miner Market Overview

A rise in the popularity of mining pools, increasing adoption of cryptocurrency in the financial market, Increasing demand for cryptocurrency-specific hardware, and Increasing penetration of the internet and smartphones. Cryptocurrency is one of the most widely used and widely accepted digital currencies in the world. The market's growth is being aided by increased visibility, increased investor interest, and supportive regulations. The rising value of bitcoin cash, as well as the ability to offer rewards for transactions, are boosting digital currency. People in developing countries such as Japan, the United States, European countries, and others are showing an interest in digital currency, which is expected to help cryptocurrency grow in the coming years.

In traditional banking and the financial sector, financial disaster is a major issue. Financial uncertainty wreaks havoc on the economy by causing the currency's value to plummet. The financial crisis has no significant impact on Bitcoins or other cryptocurrencies because their value is universally balanced. In times of financial uncertainty, which is becoming a major market driving factor, cryptocurrencies are better options for regions with unstable economic structures. The major restraints are Less acceptance by countries and a ban on cryptocurrency mining. Whereas the opportunities are - an increase in partnership and acquisition decisions, as well as developments in the hardware and software.

Global ASIC Miner Market Segmentation Analysis

The Global ASIC Miner Market is segmented on the basis of Type, Application, And Geography.

ASIC Miner Market, By Type

• ETH Type
• BTC Type
• Other

Based on Type, The market is classified into ETH Type, BTC Type, and Other. BTC Type is a highly adopted digital currency in the market, as bitcoin is one of the most widely used digital currencies and will continue to dominate in the coming years.

ASIC Miner Market, By Application

• Enterprise
• Personal

Based on Application, The market is classified into Enterprise and Personal. Among this Enterprise Application of ASIC Miner Market is high as Enterprises make mining pools. Mining pools allow miners to pool the computing power of their ASIC miner rigs to mine bitcoin and split the rewards for successfully minted blocks. The reputation, size, and payment rules of a pool are all important factors to consider when selecting one.

ASIC Miner Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world
• On the basis of Regional Analysis, The Global ASIC Miner Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest share of the global market because most countries in the region used cryptocurrency as a means of exchange for tax purposes rather than as a currency. Even though the government does not have any legal authority over it, many developed countries continue to emphasize the use of digital money. The acceptance of digital cash by consumers and retailers is propelling the market forward. Furthermore, bitcoin mining's popularity and the presence of a majority of key players in North America dominate the market.

Key Players

The "Global ASIC Miner Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Antminer, ASICrising GmbH, Bitmain Technologies Ltd., BIOSTAR Group, BitDragonfly, BitFury Group, DigBig, Ebang, Gridchip, BTCGARDEN, Butterfly Labs, Inc., Clam Ltd, CoinTerra, Inc., Black Arrow, and Btc-Digger.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In June 2019 - Facebook announced the Libra cryptocurrency, which will allow users to make purchases or send money to others with virtually no fees, either online or at local exchange points such as grocery stores.
• In January 2019 - Blockstream formed Crypto Garage with Digital Garage and Tokyo Tanshi, two heavyweights in the Japanese fintech industry. Its mission is to develop Bitcoin and blockchain solutions for Japan's institutional market.
• In April 2022 - Intel (INTC) announced the release of its "Intel Blockscale ASIC," a second-generation bitcoin mining chip that will provide miners with more efficient mining rigs than most models currently on the market.