According to the market analysis report titled ‘Global Cryptocurrency Mining Market Size study, by Mining Enterprise (Large Miners and Small Miners) by Revenue Source (Transaction Fees and Block Rewards) by Mining Type (Self-Mining, Cloud Mining Services, Remote Hosting Services) by Hardware (ASIC, GPU, CPU, and Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global cryptocurrency mining market is expected to observe a healthy CAGR during 2022-2028.

Increasing number of mergers and acquisitions among the leading companies, the rising demand for crypto mining pools, and the surging adoption of mining machines are some of the key factors driving the growth of global cryptocurrency mining market.

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For those unaware, cryptocurrency mining is used in Bitcoin and many other cryptocurrencies to produce new coins and verify new transactions. However, high transaction fees are expected to impede the growth of the market over the forecast period. 

Based on the mining enterprise, the market is divided into small miners and large miners. Moving on to the revenue source, worldwide cryptocurrency mining industry is fragmented into block rewards and transaction fees segments.

As per mining type, the market is segregated into remote hosting services, cloud mining services, and self-mining. In terms of hardware type, the industry is bifurcated into CPU, GPU, ASIC, and others.

The geographical reach of this business vertical extends to North America, Asia-Pacific, Europe, along with Latin America with key emphasis on the U.S., Canada, U.K., Germany, France, Italy, Spain, India, China, Japan, South Korea, Brazil, Australia, and Mexico, and the rest of the world.

The report claims that North America market is expected to record substantial growth during the study period, with the United States standing tall in terms of revenue hierarchy, primarily due to the increasing utilization of payment methods like PayPal and the rising adoption of cryptocurrencies in various key applications.

Meanwhile, Asia-Pacific cryptocurrency mining market is anticipated to exhibit a modest CAGR over the forecast period 2022-2028, owing to the high concentration of prominent players in the region.

BitMain Technologies Holding Company, Genesis Mining Ltd., F2Pool, Braiins Systems s.r.o., ViaBTC, Riot Blockchain Inc., Bit Digital Inc., HIVE Blockchain Technologies Ltd., Argo Blockchain, and Canaan Inc. are the prominent market contenders influencing global cryptocurrency mining industry trends.