Global Bitcoin Mining Servers Market: Introduction
- Bitcoin mining servers make the user gain related premiums of a higher bandwidth at which their data is intended to be transmitted safely. As a result, bitcoin mining servers enhance the overall performance of the user’s portal or web-based service. The key role of bitcoin mining servers is to allow bitcoin nodes to become tamper resistant and secure. Bitcoin mining servers is specifically designed to be resource intensive so that the total number of blocks discovered by miners is maintained to avoid rapid inflation.
- Additionally, bitcoin mining servers primarily provide professional-grade and energy-efficient mining solutions for the most popular digital currencies for various applications in banking, financial services and insurance (BFSI), energy, and hospitality industries worldwide.
Increasing demand for energy-efficient hardware driving the bitcoin mining servers market
- Growing popularity of bitcoin mining is leading to rising energy consumption. According to the International Renewable Energy Agency (IRENA), in 2017, the annual energy collectively consumed in the mining of bitcoin and Ethereum was approximately 42.67 TWh, accounting for 0.19% of the world’s electricity consumption. There is no centralized authority; however, miners validate blocks of block chain transactions for a remuneration in the form of coins. Validating of a block of a block chain transaction comprises cracking challenging computational issues, which can only be carried out by a powerful computing system. Consequently, the more powerful the computational system is, the more energy it consumes. According to an estimation by the Bitcoin Energy Consumption Index, each bitcoin transaction consumes approximately 251 KWh of electricity and an average of 300,000 bitcoin transactions are processed in a day. The significant amount of energy is used by miners to run computational systems including CPU, GPU, and ASICs. Some of the green energy startups are coming up with potential solutions to offer energy-efficient hardware. In November 2017, HydroMiner GmbH, an Austria-based startup, raised US$ 2.8 Mn to install a renewable hydropower plant to run its mining servers. In addition to this, availability of energy-efficient hardware solutions to help mine block chains at lower costs is expected to drive the global bitcoin mining servers market during the forecast period.
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High Cost Associated with Implementation and Installation of Fiber Optic Connectivity Solutions
- The technical and complex nature of bitcoin and block chain makes it hard for common people to understand and adopt it. Lack of general understanding of and awareness regarding bitcoin is one of the major reasons for significant volatility in the value of bitcoin. Thus, lack of understanding of and awareness regarding bitcoin and block chain is hampering the global market for bitcoin mining servers. On the other hand, several investors and companies are promoting awareness about investing in bitcoin and block chain. This is expected to overcome the above-mentioned restraint of the bitcoin mining servers market in the next few years.
Europe to Hold a Major Share of Global Bitcoin Mining Servers Market
- In terms of region, the global bitcoin mining servers market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe expected to hold a major share of the global bitcoin mining servers market during the forecast period, due to presence of numerous mining server providers in the region, which have made it the leading consumer of bitcoin mining servers.
- Asia Pacific is expected to be the rapidly expanding region of the global bitcoin mining servers market in the next few years, due to increasing venture capital investments in the region, specifically in Japan, China, and India
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Global Bitcoin Mining Servers Market: Competition Landscape
- In October 2018, Bitfury USA, Inc. introduced its new product called Enterprise-grade Bitcoin Mining Server to provide mining solutions with higher performance and more efficiency for use in various applications including business enterprises, and governments.
Key Players Operating in Global Market:
BitMain Technologies Ltd.
- Founded in 2013 and based in China, BitMain Technologies Ltd designs and manufactures application-specific integrated circuit (ASIC) chips, servers, and cloud solutions, specifically for bitcoin mining. The company also offers mining tools for bitcoin. The company has its research and development centers in Hong Kong, the U.S., and Singapore. The company’s products are used for a wide range of applications such as automatic driving, medical services, smart cities, smarter security, smart governance, and facial recognition.
- Established in 2014, MinerGate is specialized in mining software and related services for different coins including Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), AEON, Zcash (ZEC), Monero-Classic (XMC), Bytecoin (BCN), and Grin. The company’s mining software is easily accessible on operating systems such as Linux, Windows, Android, and even mac.
Bitfury USA, Inc.
- Founded in 2011 and located in the Netherlands, Bitfury USA, Inc. is one of the leading block chain technology companies. It develops and provides innovative software and hardware solutions to governments, organizations, businesses, and individuals. The company also provides bitcoin mining servers with ASIC chips worldwide.
Some of the other prominent players in the global bitcoin mining servers market include:
- Genesis Mining Cloud Services Ltd.
Global Bitcoin Mining Servers Market: Research Scope
Global Bitcoin Mining Servers Market, by Component
Global Bitcoin Mining Servers Market, by Hardware type
Global Bitcoin Mining Servers Market, by Industry Vertical
- Banking, Financial Services and Insurance (BFSI)
Global Bitcoin Mining Servers Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Energy-efficient Mining Solutions
- Enterprise-grade Bitcoin Mining Server
- ASIC Servers
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