Allied Market Research: Global Bitcoin Mining Equipment Market to Surpass $1.7 Billion

According to the results of a study by the American company Allied Market Research, in 2021 the global market for bitcoin mining equipment was estimated at $529 million.

Analysts of the company expect that with an average annual growth rate of 12.6%, the market will come close to $1.7 billion by 2031.. This is facilitated by: an increase in the degree of acceptance of bitcoins by society, requests from key industry players, as well as published plans for the creation of global data centers and possible competition scenarios. Annual growth is estimated at 12.6%.

“The COVID-19 outbreak has had a positive impact on the growth of the bitcoin mining equipment market as the adoption of cryptocurrencies by the society has multiplied in the face of unprecedented circumstances.. In addition, the market growth rate was significantly affected by the adoption of the first cryptocurrency in terms of capitalization by financial institutions, ”the Allied Market expert opinion says.

Allied Market specialists provided a list of key players operating in the bitcoin mining equipment market, such as BetterHash, BIOSTAR Group, Bitcoin Merch, BITMAIN Technologies holding company, Coindesk, CoinWarz, Compass Mining, Nicehash, StormGain, Zipmex. According to the reporting data for 2021, it was these players who were actively strengthening their positions in the industry.

By region, North America achieved the highest growth rates. The region has formed a trend of increasing demand for distributed ledger technologies and bitcoins in the commercial sector. Therefore, the BTC mining equipment market here has shown steady growth over the past few years.

Another confirmation of the positive forecasts of Allied Market was the popular Fear and Greed sentiment indicator in the bitcoin market.. Today, he stepped out of the fear zone, overcame the neutral zone, and reached the greed zone for the first time since March 30 last year.