Ethereum is expected to witness the highest growth in this market as it is more secure and requires less transaction time compared to Bitcoin. Moreover, Ethereum’s protocol offers the ability to program different types of smart contracts within the Ethereum system as it is built to allow flexibility and increase functionality. The Ethereum blockchain focuses on running the programming code of any decentralized application, including Distributed Applications (DApps) and smart contracts, enabling it to be built and run without any downtime, fraud, control, or interference from a third party.
The cryptocurrency market was valued at USD 541.0 million in 2017 and is expected to reach USD 2,902.0 million by 2023, at a CAGR of 32.31% between 2017 and 2023. This growth is primarily attributed to the low electricity cost, growing awareness, large number of remittance transactions, and presence of a large number of hardware manufacturing units. Cryptocurrency transactions ensure transparency as all the information related to each transaction is recorded on a distributed public ledger, known as blockchain. All changes to the blockchain can be publicly viewed by all parties, which ensures transparency in the operations. Moreover, all the transactions are immutable, which means that they cannot be altered or deleted.
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The cryptocurrency market for hardware is expected to grow at a high CAGR between 2017 and 2023. The growing demand for hardware, such as application-specific integrated circuits (ASICs), field-programmable gate arrays (FPGAs), and graphics processing units (GPUs), among miners is expected to drive the growth of the market for hardware. The need to run and validate these huge transactions, in turn, creates a need for mining hardware in the cryptocurrency market. GPU can produce fastest hash codes, which helps miners get a new block and solve the puzzle quickly. Pool miners and cloud miners mostly use GPUs. ASICs are also used by miners as they enable mining at extraordinary speeds while consuming much lesser power than FPGA or GPU mining rigs.
The cryptocurrency market in APAC is expected to grow at a high rate between 2017 and 2023. This region houses some of the largest mining pools such as AntPool, F2Pool, BTCC, and BW Pool, which attract miners from other regions as larger mining pools allow steady and predictable earning. China and Japan are the major countries contributing to the growth of cryptocurrency market in APAC.
The increasing adoption of cryptocurrencies for peer-to-peer payment and remittance in emerging economies such as India, Russia, and Brazil is expected to offer significant growth opportunities for the companies operating in the cryptocurrency market as it would attract a large number of miners and exchanges.
Crypto ATM Market by Type (One Way and Two Way), Automated Teller Machine Hardware (Display, Printer, QR Scanner), and Geography (North America, Europe, Asia Pacific (APAC), Rest of the World (RoW) – Global Forecast to 2023