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WhitePaper
2024BlockchainHardwareIndustry
2024.09
Thecontentprovidedinthisreport(includingbutnotlimitedtodata,text,charts,images,etc.)istheexclusiveandhighlyconfidentialpropertyofFrost&Sullivan,unlessotherwisespecifiedinthereport.WithoutpriorwrittenpermissionfromFrost&Sullivan,noonemayreproduce,copy,distribute,publish,quote,adapt,or
compilethecontentsofthisreportinanyway.AnyviolationofthesetermswillresultinFrost&Sullivanreservingtherighttotakelegalactionandho1ldthe
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EXECUTIVESUMMARY
Theglobalblockchainhardwareindustryisexperiencingrapiddevelopmentasblockchaintechnologybecomesincreasinglyintegratedintovarioussectors.Thiswhitepaperexploresthekeytrends,challenges,andopportunitiesintheblockchainhardwaremarket,particularlyinrelationtocryptocurrencymining,decentralizedapplications,andotherinnovativeusesofblockchaintechnology.Thereportoutlinestheindustry’scurrentstateandprovidesforward-lookinginsightsintoitsfutureevolution.
BlockchainHardware:ACornerstoneoftheDigitalEconomy
Blockchainhardwareservesasthebackboneofdecentralizedapplicationsandthebroaderdigitaleconomy.Fromcryptocurrencyminingtosecuringdecentralizednetworks,blockchainhardwareplaysacriticalroleinenablingtheoperationofthesetechnologies.Withcontinuousadvancementsinhardwareefficiencyandperformance,thissectorispoisedforsignificantgrowthastheadoptionofblockchaintechnologiesexpandsglobally.
TheExpansionofDecentralizedFinance(DeFi)andNFTMarkets
Theriseofdecentralizedfinance(DeFi)andnon-fungibletokens(NFTs)hasdrivendemandformorerobustandscalableblockchainhardware.Asthesemarketscontinuetoexpand,sodoestheneedforpowerfuldevicescapableofsupportingincreasedtransactionvolumesandsecuringdecentralizednetworks.ThewhitepaperexploreshowhardwareadvancementsareplayingapivotalroleinthegrowthofDeFiandNFTmarkets.
TheGlobalMarketOutlook:OpportunitiesandChallenges
Theglobalblockchainhardwaremarketisprojectedtoseesteadygrowthoverthecomingyears,drivenbyincreasedadoptionofblockchaintechnologyacrossvariousindustries.However,thereportalsoidentifieskeychallenges,includingregulatoryuncertaintiesandtheneedformoresustainableenergysolutions.Byunderstandingthesefactors,stakeholderscanbetterpositionthemselvestocapitalizeonemergingopportunities.2
2024BlockchainHardwareIndustryWhitePaper
Content
uChapterI:OverviewofGlobalBlockchainand
CryptocurrencyIndustry 4
uIntroductionofBlockchain 5
uPayoffPeriodofMiningMachines 7
uAnalysisofRegulationandPolicy 9
uChapterII:OverviewofGlobalBlockchain
HardwareIndustry 12
uDefinitionandClassificationofBlockchain
Hardware 13
uValueChainofBlockchainHardwareIndustry 16
uIntroductionofBitcoinMiningProcess 18
uASIC-basedBitcoinMiningHardwareIndustry 20
uCompetitiveLandscapeofASIC-basedBitcoin
MiningHardwareIndustry 22
uChapterⅢ:MarketTrendsandOpportunitiesof
BlockchainHardwareIndustry 24
uMarketTrends 25
•DecentralizedFinance(DeFi)Growth 26
•IncreasingAdoptionofCryptocurrencyand
CBDCs 27
•RiseofNFTsandDigitalAssets 28
•TechnologicalAdvancementsandGreen
Technologies 29
uFutureOpportunities 30
•EmergingMarkets 31
•IntegrationwithIoT 32
•ExpansionofBlockchain-as-a-Service(BaaS) 33
3
Chapter1——
OverviewofGlobalBlockchainand
CryptocurrencyIndustry
Blockchain'sVersatileApplicationAcrossSectors
Introducedin2008,blockchaintechnologyisadecentralizedledgersystemthatenablessecure,transparenttransactionswithouttheneedforacentralauthority.Itsabilitytocreateimmutablerecordsinreal-timehasmadeitadaptableforawiderangeofsectors,includingcryptocurrency,financialservices,cloudcomputing,andcybersecurity,highlightingitsbroadpotential.
FactorsInfluencingBitcoinMiningProfitability
ThepayoffperiodforBitcoinminingmachinesisaffectedbymultiplefactors,includingmachineprice,hashrate,electricitycosts,andBitcoinmarketprices.Theexponentialgrowthintotalhashratehasincreasedcompetition,extendingthepayoffperiodforminers.Miningprofitabilityisfurtherinfluencedbyelectricityrates,withregionslikeTexasandWyomingofferinglowerratesthatenhancereturns.
DiverseRegulatoryApproachesImpactBlockchainGrowth
Differentcountrieshaveadoptedvaryingstancesonblockchainandcryptocurrencyregulation.MajormarketslikeChina,theU.S.,Sweden,SouthKorea,andSingaporeeachpresentuniquechallengesandopportunitiesbasedontheirregulatoryframeworks.Whilesomenationsencourageblockchaininnovation,othersimposestrictercontrols,influencingtheoveralldevelopmentofblockchain-relatedbusinessesglobally.
4
Chap1.1
IntroductionofBlockchain
5
2024BlockchainHardwareIndustryWhitePaper
IntroductionofBlockchain
BriefExplanationofBlockchain
Blockchain,whichdebutedin2008,isadistributedledgertechnologydesignedtorecordbothfinancialandnon-financialtransactionsinvolvingitemsofvalue.Itfunctionsasadistributeddatabase,compilingrecordsintoblocks,eachstampedwithatimestampandlinkedtotheprecedingblock.Oncedataisenteredintoablock,itbecomesimmutable,preventingany
alterationortampering.Thistechnologyoperatesinreal-timeandbypassestheneedforacentralauthorityorthird-partyfinancialinstitutiontovalidatetransactions.Itenableseachnodetogenerateunchangeablerecords,ensuringtransparent,peer-to-peertransactionsthataresecure,efficient,anddevoidoftheneedfortrust.Owingtoitsextensivebenefits,blockchaintechnologyisadaptableforuseacrossamyriadofsectors,includingcryptocurrency,payments,financialservices,cloudcomputing,andcybersecurity,tomentionafew.
DecentralizedFinance(DeFi):Blockchainsupportsarangeoffinancialservices,suchasloansandinsurance,accessiblegloballywithouttraditionalfinancialinstitutions.
DirectandSecureTransactions:Blockchainallowsfordirecttransfersofdigitalassetsovertheinternetwithoutintermediaries,facilitatingrapid,low-costtransactions.Itensuressecuritythroughimmutabledatarecording,makingitnearlyimpossibleforthetransactiondatatobealteredorhacked.
PrivacyandAccessibility:Thetechnologyoperatesasadecentralizednetwork,accessibletoanyonewithaninternetconnection.Transactionsonblockchaindonotrequirepersonaldetails,safeguardingagainstidentitytheft.
AdvancedApplications:Blockchainsupportssmartcontractsthatautomaticallyexecutewhenconditionsaremet,enhancessupplychaintransparencybyverifyingproducthistories,andenablesassettokenizationforeasiertrading.
IntegrityandTransparency:Itoffersrobustsolutionsfordeliveringtrustedhistoricaldataandcanpotentiallytransformvotingsystemsbyprovidingasecure,transparent,andtamper-proofvotingmechanism.
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Source:Frost&Sullivan
Chap1.2
PayoffPeriodofMiningMachines
7
2024BlockchainHardwareIndustryWhitePaper
PayoffPeriodofMiningMachines
PayoffPeriodCalculationFactors
ThepayoffperiodforBitcoinminingmachinesisdeterminedbyseveralcriticalfactors,includingthepriceofthemachine,itshashrate,electricitycosts,Bitcoinmarketprices,thetotalnetworkhashrate,andtheminingdifficulty.
FactorsInfluencingPayoffPeriod
HashRateof
ElectricityBills
Machine
PriceofMiningMachine
Bitcoin
Market
Price
DifficultyFactor
TotalHashRate
User’sMining
TwoKeyCalculationFormulas
AsthedemandforBitcoinincreases,thetotalhashratehasseenexponentialgrowth,leadingtoreduceddailyrevenueandalongerpayoffperiodforminers.Tocalculatepayoffperiod,twokeyformulasareused.ThefirstformulacalculatesdailyrevenuebasedonfactorssuchastheBitcoinmarketprice,thehashrateofthemachine,andelectricitycosts.Thesecondformuladeterminesthepayoffperiod,indicatinghowlongitwilltakefortheminingmachinetogenerateenoughrevenuetocoveritsinitialcost.
CalculationofDailyRevenue
DailyRevenue=-DailyUtilityCostPayoffperiod=
ElectricityRatesImpact
Bitcoinmarketpriceisaffectedbydemandandsupplyandtotalhashrateisexponentiallyrisingthesedays,thusreducingdailyrevenueandlengthenthepayoffperiodofBitcoinminingmachine.TheutilitycostwithminingactivitiesinstateslikeTexas,Wyoming,Washington,andKentuckyrangesfromUSD0.1perKWHtoUSD0.12perKWH.Somecertainareashaveevenlowerpowercosts.
8
Source:Frost&Sullivan
Chap1.3
AnalysisofRegulationandPolicy
9
2024BlockchainHardwareIndustryWhitePaper
RegulationandPolicyindiferentCountries
RegulationandPolicyOverview
Differentcountriesandjurisdictionshaveexpressedvariousattitudestowardsblockchainandcryptocurrencies.SomeofthekeycountrieswherecryptocurrencyminingandtradinghaveseenthehighestactivityincludethePRC,theUnitedStates,Sweden,SouthKoreaandSingapore.ThesecountriesrepresentsomeoftheCompany'skeyinternationalmarkets,eachofferinguniqueopportunitiesandchallengesbasedontheirregulatoryenvironments,technologicalinfrastructure,andeconomicconditions.Thevaryingattitudestoward
cryptocurrenciesintheseregionssignificantlyimpactthegrowthanddevelopmentofblockchain-relatedbusinesses,withsomecountriesencouraginginnovationandothersimplementingstrictercontrols.
RegulationandPolicyinmainBitcoinJurisdictions(1/2)
Jurisdiction
AnalysisandObservations
ThePeople’s
Republicof
China
Cryptocurrenciesarenotconsideredlegalcurrencies,andcryptocurrencyexchangesareillegalinthePRC.TheNoticeonRegulatingtheMiningActivitiesofCryptocurrencyissuedbyNationalDevelopmentandReformCommissionofChinain2021,requireslocalgovernmentstofigureoutexistingminingprojectstolimittheirpowersupply,acceleratetheexitofexistingprojects,andprohibitinvestmentsfornewlyminingprojectsinChina.Inaddition,theNoticeonFurtherPreventingandAddressingtheSpeculationRiskofVirtualCurrencyTransactionsissuedbythePeople'sBankofChina,clearlystatesthatcryptocurrenciessuchasBitcoinandEthereumdonothavethesamelegalstatusaslegalcurrencies,andrelevantbusinessactivitiesareconsideredasillegalfinancialactivities.AndoverseascryptocurrencyexchangesprovidingservicestodomesticresidentsthroughtheInternetarealsocharacterizedasillegalfinancialactivities.
TheUnitedStatesofAmerica
Cryptocurrenciesarenotconsideredlegaltender,butcryptocurrencyexchangesarelegalintheUnitedStatesandfallundertheregulatoryscopeoftheBankSecrecyAct(BSA).DespitecourtdecisionsstatingthatBitcoincanbeusedasmoneyandtheCommodityFuturesTradingCommission(“CFTC”)hasdesignatedBitcoinasacommodity,theSecuritiesandExchangeCommission(SEC)hasissuedinvestoralertstowarnagainstBitcoinfraudulentinvestmentschemes.TheU.S.DepartmentofTreasury’sFinancialCrimesEnforcementNetworkhasalsoissuedguidelinesinstructingmoneytransmitterstoenforceAnti-MoneyLaundering(AML)andKnowYourClient(KYC)measures.
TheInternalRevenueService(IRS)classifiesvirtualcurrencies("VCs),includingBTCasdescribesVirtualCurrencies(VCs)as“adigitalrepresentationofvaluethatfunctionsasamediumofexchange,aunitofaccount,and/orastoreofvalueanddoesnothavelegaltenderstatusinanyjurisdiction.”
Sweden
SwedenisinfavorofBitcoinrelatedbusinessesandusers.Finansinspektionen,Sweden’sFinancialSupervisoryAuthoritytaketradeinBTCasafinancialserviceandsubjecttoitsauthority.SverigesRiksbank,Sweden’scentralbank,considersBTCasanassetonly,butnotasacurrency.TheSwedishTaxAgencyhasgivenapreliminaryrulingonValueAddedTax(VAT)onBitcoins,statingthattradesinBitcoinsarenotsubjecttoSwedishVAT,butareinsteadsubjecttotheregulations.
10
Source:Frost&Sullivan
2024BlockchainHardwareIndustryWhitePaper
RegulationandPolicyindiferentCountries
RegulationandPolicyinmainBitcoinJurisdictions(2/2)
Jurisdiction
AnalysisandObservations
SouthKorea
CryptocurrenciesarenotconsideredlegaltenderinSouthKorea,butcryptocurrencyexchangesarelegalandthecountryisakeyplayerintheBitcoinindustry.SouthKoreahasgenerallysupportedthegrowthofblockchainandcryptocurrencywhileimplementingregulatorymeasures.InDecember2017,thegovernmentexpresseditswillingnesstofacilitatethegrowthofblockchaintechnologyandcryptocurrencyandstatedthatevaluationoftheregulatoryframeworkforcryptocurrencytradingisstillundergoing.InMarch2021,thegovernmentintroducedlegislationrequiringexchangestoshareaccountinformationwithbankstostrengthenAnti-MoneyLaundering(AML)practices.Thegovernmentinitiallyplannedtoimposea20%taxoncryptoprofitsexceeding2.5millionwonstartinginJanuary2023,butthishasbeenpostponedto2028.
Iceland
CryptocurrencyminingactivitiesarelegalinIceland.Icelandhasbeencautioustowardscryptocurrencybusiness,especiallytradingbusiness,topreventcapitaloutflow.TherewasnoauthorizationinIcelandtopurchaseortransferforeigncurrencyonthebasisoftransactionswithcryptocurrency.However,in2017,thegovernmentamendedtheforeignexchangerules,andgrantedwideandgeneralexemptionsfromtherestrictionsoftheForeignExchangeActNo.87/1992,showingsignsofeasingrestrictionsofcryptocurrencytradingactivities.Moreover,inSeptember2018,theFinancialSupervisoryAuthority(FME)announcedthefirstregistrationofacryptocurrencyexchange,whichfeaturestwotradingpairs:ISK(IcelandicKrona)/AUR(Auroracoin),andBTC/ISK.
Singapore
Cryptocurrenciesarenotconsideredaslegaltender,butcryptocurrencyexchangesarelegalinSingapore.Thetaxauthorityconsiderscryptocurrencyas“goods”,andleviesGoodsandServicesTaxoncryptocurrencies.However,fromJanuary1,2020,Singaporeexempteddigitalpaymenttokens(likeBitcoin)fromGSTtopromotethefintechindustry.TheMonetaryAuthorityofSingapore(MAS)hasissuedwarningsabouttherisksofcryptocurrencyinvestments.In2022,MASintroducedguidelinestocurbpublicadvertisingofcryptocurrencyservices,reinforcingitscautiousstancewhileallowingthesectortogrowwithinacontrolledenvironment.
11
Source:Frost&Sullivan
Chapter2——
OverviewofGlobalBlockchain
HardwareIndustry
ExpandingApplicationsofBlockchainHardware
Blockchainhardware,traditionallydominatedbycryptocurrencymining,isevolvingbeyondminingintonewsectorslikedecentralizedstorage,InternetofThings(IoT),andedgecomputing.Thisshiftreflectsthegrowingdemandforsecure,decentralizeddataexchangeacrossvariousindustries,leveragingblockchain’suniquecapabilitiesforenhancingtransparencyandefficiency.
ValueChainComplexityandInfrastructureGrowth
Theblockchainhardwareindustryinvolvesacomplexvaluechain,fromhardwaresupplierslikeASICmanufacturerstominingfarms,pools,cryptocurrencyexchanges,andpaymentprocessors.Thisinterconnectedsystemsupportsthegrowinginfrastructurerequiredforlarge-scaleminingoperations,whichareincreasinglycentralizedinfacilitiesthatoptimizeefficiencythrougheconomiesofscale.
VolatilityandGrowthintheASICMiningHardwareMarket
ThemarketforASIC-basedBitcoinmininghardwarehasexperiencedfluctuationsdrivenbyBitcoin’spricevolatility.Whiletherewasaslightdeclinefrom2018to2023,themarketisexpectedtoreboundsignificantly,reachingUSD11.9billionby2028withastrongCAGRof15.3%,assumingcontinuedBitcoinpriceincreases.Thisgrowthhighlightstheongoingimportanceofefficient,high-performancemininghardwareinsustainingtheblockchainnetwork.
12
Chap2.1
DefinitionandClassificationof
BlockchainHardware
13
2024BlockchainHardwareIndustryWhitePaper
DefinitionandClassificationof
BlockchainHardware
DefinitionofBlockchainHardware
Blockchainhardwarereferstoelectronicdevicesdesignedtosupportandfacilitatetheoperationofblockchaintechnologies,enablingtheexecutionofvariousblockchain-relatedfunctions.Typically,blockchainhardwarehasbeenpredominantlyusedforcryptocurrencymining,whereownersarerewardedwithspecificcryptocurrenciesforcontributingcomputingpower,storage,bandwidth,orotherresourcestothenetwork.High-performancedevices,suchasASICminers,
continuetodominatethisarea.
Inaddition,themarketisevolving,andblockchainhardwareisincreasinglybeingutilizedinotheremergingapplications.Theseincludedecentralizedstorageandcalculationsolutions,suchasGolem,thatharnessidlecomputingpower.Additionally,blockchainhardwareisgainingtractionintheInternetofThings(IoT)andedgecomputingsectors,whereitensuressecureandtransparentdataexchangebetweendevicesthroughblockchaintechnology.
IoTblockchainplatformconceptualscenario
ProposedIoTBlockchain
Platform
令
IoTNetwork
令
IoTDevice1IoTDevicen
14
Source:Frost&Sullivan
2024BlockchainHardwareIndustryWhitePaper
DefinitionandClassificationofBlockchainHardware
ClassificationofBlockchainHardware
MiningHardware
Mininghardwareisspecificallydesignedforminingcryptocurrencies,withfourmaintypesbeingASICs,GPUs,FPGAs,andCPUs,eachtailoredfordifferentperformanceneeds.However,beyondthesephysicalmachines,manyprofessionalsarenowoptingforcloudminingservices,whichallowthemtominecryptocurrencieswithoutthehassleofmanagingandmaintainingtheirownhardware.
ASICMiningHardware
MininghardwarewithASICchipsaspreferredprocessorsdeliversspecializedcomputingpowerforefficientcryptocurrencymining.Designedforspecifictasks,ASICsaremorepowerfulandcost-effectiveforcertaincryptocurrencies,buttheirspecializationlimitsflexibilitytothosetheyweredesignedfor.
GPUMiningHardware
UnlikeASICs,whichtargetspecificcryptocurrencies,GPUminingmachinesareversatile,capableofminingabroaderrangeofcoins.Thisflexibilityallowsminerstoadapttovariousblockchainnetworksasmarketconditionschange.However,GPUs'general-purposedesignmakesthemlessenergy-efficient,resultinginhigherelectricitycostsandlowerhashingpower.
CPUandFPGAMiningHardware
CPUandFPGAminingmachinesmakeupasmallpercentageoftheoverallmarket.DuetotherelativelylowcomputingefficiencyofCPUs,theyarerarelyusedinmodernblockchainnetworksformining.
OtherHardware
Otherblockchain-relatedhardwareincludesdevicessuchasblockchainrouters,smartphones,publicandprivatekeystoragesystems,andothersmartdevices.Thesetechnologiesintegratewiththedevices’featurestoenabledecentralizedtransactions,enhancingsecurity,transparency,andefficiency.Byleveragingblockchain,thesedeviceshelpreducefraudandimprovetransactionintegrity,drivingnewapplicationsindecentralizedfinanceandsupplychainmanagement.
BlockchainRouter
StorageSystem
Smartphone
SmartDevice
15
Source:Frost&Sullivan
Chap2.2
ValueChainofBlockchainHardwareIndustry
16
2024BlockchainHardwareIndustryWhitePaper
ValueChainofBlockchainHardware
Industry
TheBitcoinindustryiscomposedoffivemajorsegments:hardwaresupply,miningfarmandminingpooloperation,trading,andpaymentprocessing.Hardwaresuppliers,suchasCanaan,whichwasthefirstBitcoinmininghardwarecompanytogopublicandrankedsecondintermsofcomputingpowersoldamongallBitcoinhardwareprovidersfortheyearendingDecember31,2023,areprimarilyinvolvedintheICdesign,manufacturing,andsalesofminingmachines.Thissegmentplaysacrucialroleinthe
industry'sinfrastructure,providingthespecializedequipmentnecessaryforefficientcryptocurrencymining
Miningvenuestypicallyrefertophysicalsiteswhereoperatorsoffercustodialservicesforcustomers'mininghardware.Thesevenueshavebecomeincreasinglyimportantasthescaleofminingoperationsgrows,requiringsignificantinfrastructureandenergyresources.Theoperationofminingpools,ontheotherhand,involvescoordinatingthecollectivecomputingpowerofminers,enablingthemtoshareresourcesandsplitminingrewardsmoreevenly.Thisapproachhelpsindividualminersreducethevolatilityoftheirearningsandincreasestheirchancesofsuccessfullyminingblocks.
Tradingservicesareprovidedbycryptocurrencyexchanges,whichfacilitatethebuyingandsellingofcryptocurrenciesforconsumers.TheseexchangesarecriticaltotheliquidityandpricediscoveryofBitcoinandotherdigitalassets,influencingmarketdynamicsonaglobalscale.
PaymentservicesareprovidedbyBitcoinpaymentprocessors,enablingmerchantsandbusinessestoacceptBitcoinpaymentsfromcustomersforgoodsandservices.ThissegmentisessentialforintegratingBitcoinintothebroadereconomy,allowingforitsuseasamediumofexchangeanddrivingadoptionamongawideraudience.
ValueChainofBitcoinIndustry
UpstreamMidstreamDownstream
Hardwaresupply
Mining
Transaction&Payment
Payment
•ICdesign
•Software
•Hardware
•Final
products
Transaction
Operation
ofmining
pool
Establishmentofminingfarm
ProcessBitcoin
Peer-to-peer
payments
Overthecounter
Cryptocurrencyexchanges
17
Source:Frost&Sullivan
Chap2.3
IntroductionofBitcoinMiningProcess
18
2024BlockchainHardwareIndustryWhitePaper
IntroductionofBitcoinMiningProcess
BitcoinMiningProcess
Bitcoinminingisadecentralizedprocess,meaningnosingleentitycontrolsthenetwork,whichensuressecurityandtrustthroughagloballydistributedsystemofparticipants.MinersplayavitalroleinthedecentralizedBitcoinecosystem,wheretheyareincentivizedthroughblockrewardsandtransactionfees,paidinBitcoin,whiletheyvalidateandrecordtransactionsontheblockchain,ensuringthatalltransfersare
legitimateandirreversible.
Miningisintentionallyresource-intensive,withthedifficultyofpuzzlesadjustingevery2,016blocks(approximatelyeverytwoweeks)tomaintainasteadyrateofblockadditions,regardlessofthenumberofminers.ThismechanismnotonlyregulatesthereleaseofnewBitcoinbutalsoenhancesthenetwork’ssecuritybymakingitprohibitivelycostlyforanysingleentitytoaltertheblockchain.However,astheBitcoinmarkethasgrown,competitionamongminershasintensified,drivingthedevelopmentofincreasinglyadvancedandenergy-efficientminingequipment.Additionally,large-scaleminingoperationsareoftenhousedindedicatedfacilitiesthatleverageeconomiesofscale,utilizingvastamountsofhardwareandelectricitytomaximizetheirchancesofsolvingblocksandearningrewards.
BitcoinMiningProcess
Bitcoinminingisadecentralizedcomputationalprocess
CreatingNewBitcoins
ValidatingTransactions
Originatea
Bitcoinpayment
BroadcasttoValidatetheTransaction
NeighboringNodesandPropagate
AddedtotheBlockchain
Source:Frost&Sullivan
FindtheProof-of-WorkSolution
AggregateValidatedTransactions
19
Chap2.4
ASIC-basedBitcoinMiningHardwareIndustry
20
2024BlockchainHardwareIndustryWhitePaper
ASIC-basedBitcoinMiningHardware
Industry
TheASIC-basedBitcoinmininghardwaremarkethasshownafluctuatingtrend,primarilydrivenbyBitcoinpricemovements,asmanufacturerstypicallypriceproductsbasedona400-500daypaybackperiodforBitcoinmining.ThemarketsizeexperiencedaslightdeclinefromUS$3.2billionin2018toUS$3.1billionin2023,withacompoundannualgrowthrate(CAGR)of-0.8%,largelyduetoBitcoinpricevolatility.ThesignificantincreaseinBitcoinpricessincethesecondhalfof2020substantiallyboostedsalesrevenueforASIC-basedmininghardwarein2021.Similarly,inthesecondhalfof2023,anotherriseinBitcoinpri
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