According to a research report “Cryptocurrency Market by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography – Global Forecast to 2026″ published by MarketsandMarkets, the cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the cryptocurrency market.
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The market for hardware accounted for the largest size in 2020. The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves the creation of hash codes to encrypt the transactions. To generate a hash code, the miner needs highly effective and efficient hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Mining rigs are available in several shapes and sizes. The Cryptocurrency Market for hardware has been segmented, on the basis of processor, into GPUs, central processing units (CPUs), FPGAs, and ASICs.
The market for Mining process is estimated to grow at higher CAGR during the forecast period. Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.
The market for Bitcoin is estimated to account for the largest share of the overall Cryptocurrency Market in 2020. Bitcoin mining began as a software process on cost-inefficient hardware such as CPUs and GPUs. However, as Bitcoin’s popularity increased, the mining process changed from software- to hardware-oriented. Early-stage miners had to invest in power-hungry processors to obtain decent mining rates, also known as hash rates. Mining using CPU and GPU is less efficient than that with modern application-based chips (ASICs) and a field-programmable gate array (FPGA). However, GPU gives the user more flexibility in terms of accommodating the Bitcoin protocol change.
In terms of value, APAC to grow at highest CAGR during the forecast period. This market in APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, and presence of big mining companies.
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