Crypto Mining Hardware Market Anticipates $2.8B Growth by 2024

A new report on the crypto mining industry indicates that the market could grow by $2.8 billion between now and 2024.

The cryptocurrency mining hardware market has been forecasted to grow by $2.8 billion, according to a report issued by Technavio. That represents a CAGR of over 7% from 2020–2024.


Global crypto mining forecast: Technavio
The report also stated that mining is likely to increase as a result of a growing number of mining pools, product launches, and crypto-dedicated hardware. It notes that 2020 saw a broad increase in mining metrics.

Consequently, Technavio believes that there are opportunities in the mining hardware market for countries like the U.S. and Canada. The ability to use crypto for payment of property taxes is one such reason why mining could expand.

There has been some concern regarding the energy consumption of the mining process, but the industry is constantly coming up with more efficient solutions. There is a push for clean energy-based mining, but this is yet to take off in any substantial way. One of the most notable developments is Argo’s clean energy mining pool.

Besides that, Square and ARK Invest said that they would invest to help BTC mining boost renewable energy development. The two entities conducted a study on the subject, saying that it could potentially increase efficiency, lower prices, and encourage the transition to sustainable sources.

As it stands, crypto mining isn’t likely to slow down any time soon despite some governments clamping down on the mining process. Given the new developments of renewable energy and some favorable regulation, the predicted growth is very likely.