III. Industry Analysis
3.1 Market Size
The size of the blockchain market reached a valuation of US$6.10 billion in 2021, and it is projected to exhibit a remarkable compound annual growth rate (CAGR) of 62.4% from 2022 to 2030.1 The market for blockchain-based mining platforms is anticipated to develop in the future years as a result of the rising demand for digital art. The global cryptocurrency mining market exhibited a size of $1.92 billion in 2022 and is projected to reach approximately $7 billion by 2032, with a CAGR of 12.90% during the forecast period.2
3.2 Industry Profile
In recent years, miners have witnessed a significant increase in sophistication, employing advanced machinery to enhance the speed and efficiency of mining operations. This has prompted companies to develop and offer cutting-edge mining machines to meet the growing demand from customers. Furthermore, companies are engaging in collaborations with other entities to deliver a wider range of services to their clientele. As a result, the market is experiencing a rising demand not only for mining pools but also for advanced mining machines. The industry is witnessing rapid expansion driven by advancements in distributed ledger technologies and a surge in electronic venture capital investment. Developing nations are increasingly adopting digital currencies as a means of conducting financial transactions. Moreover, blockchain technology is commonly integrated with virtual currencies to enable decentralized and regulated capital management.
1.globaldata.com/store/report/blockchain-market-analysis/2.https://www.precedenceresearch.com/cryptocurrency-mining-market
