Short Description
Middle East and Africa Cryptocurrency Mining Market By Mining Enterprise (Large Miners and Small Miners), Revenue Source (Transaction Fees and Block Rewards), Mining Type (Self-Mining, Cloud Mining Services, Remote Hosting Services), Hardware (ASIC, GPU, CPU, and Others), Country (Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Definition
The cryptocurrency mining is a mechanism by which Bitcoin and several other cryptocurrencies generate new coins and validate new transactions. It entails the use of huge, decentralised networks of computers all over the world to verify and safeguard blockchains, which are virtual ledgers that record bitcoin transactions. Computers in the network are rewarded with new coins in exchange for contributing their processing power. It is a virtuous circle where miners secure and maintain the blockchain, in return, the blockchain rewards coins and the coins provide an incentive for the miners to maintain the blockchain.
A cryptocurrency is a tradable digital asset or digital form of money that is exclusively available online and is built on blockchain technology. Cryptocurrencies, as the name implies, use encryption to authenticate and protect transactions. There are over a thousand distinct cryptocurrencies on the market right now.
Market Segmentation
The cryptocurrency mining market is segmented into four notable segments which are based on the mining enterprise, revenue source, mining type and hardware.
Based on the mining enterprise, the cryptocurrency mining market is segmented into large miners and small miners
Based on revenue source, the cryptocurrency mining market is segmented into transaction fees and block rewards
Based on mining type, the cryptocurrency mining market is segmented into self-mining, cloud mining services, and remote hosting services
Based on hardware, the cryptocurrency mining market is segmented into ASIC, GPU, CPU, and others
Market Players
Some of the major players operating in the cryptocurrency mining market are:
Canaan Inc.
Argo Blockchain
HIVE Blockchain Technologies Ltd.
Bit Digital, Inc.
Riot Blockchain, Inc.
ViaBTC
Braiins Systems s.r.o.
F2Pool
Genesis Mining Ltd.
BITMAIN Technologies Holding Company
Hut 8 Mining Corp.
Miningstore.com
MININGSKY (a subsidiary of Skychain Technologies Inc.)
iMining Technologies Inc.
MinerGate
ASICminer Company
INNOSILICON Technology Ltd.
Shenzhen MicroBT Electronics Technology Co., Ltd
GMO Internet
Core Scientific
TABLE OF CONTENTS
1 INTRODUCTION 18
1.1 OBJECTIVES OF THE STUDY 18
1.2 MARKET DEFINITION 18
1.3 OVERVIEW OF MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET 18
1.4 CURRENCY AND PRICING 20
1.5 LIMITATIONS 20
1.6 MARKETS COVERED 20
2 MARKET SEGMENTATION 22
2.1 MARKETS COVERED 22
2.2 GEOGRAPHICAL SCOPE 23
2.3 YEARS CONSIDERED FOR THE STUDY 24
2.4 DBMR TRIPOD DATA VALIDATION MODEL 25
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 28
2.6 DBMR MARKET POSITION GRID 29
2.7 VENDOR SHARE ANALYSIS 31
2.8 THE MARKET CHALLENGE MATRIX 32
2.9 MULTIVARIATE MODELING 33
2.10 MINING ENTERPRISE TIMELINE CURVE 33
2.11 SECONDARY SOURCES 34
2.12 ASSUMPTIONS 34
3 EXECUTIVE SUMMARY 35
4 PREMIUM INSIGHTS 37
4.1 CRYPTOCURRENCY MINING ANALYSIS 39
4.2 BITMAIN ANTMINER S9 39
4.3 IN THE U.S., THE AVERAGE ELECTRICITY COST IS AROUND USD 0.11 CENTS PER KILOWATT-HOUR. 39
5 REGIONAL SUMMARY 40
6 MARKET OVERVIEW 41
6.1 DRIVERS 43
6.1.1 RISE IN THE POPULARITY OF MINING POOLS 43
6.1.2 INCREASING ADOPTION OF CRYPTOCURRENCY IN THE FINANCIAL MARKET 43
6.1.3 INCREASING DEMAND FOR CRYPTOCURRENCY-SPECIFIC HARDWARE 43
6.1.4 INCREASING PENETRATION OF THE INTERNET AND SMARTPHONES 44
6.2 RESTRAINTS 44
6.2.1 HIGH TRANSACTION FEES 44
6.2.2 BAN OF CRYPTOCURRENCY MINING 45
6.3 OPPORTUNITIES 45
6.3.1 INCREASE IN VARIOUS STRATEGIC DECISIONS SUCH AS PARTNERSHIP AND ACQUISITION 45
6.3.2 DEVELOPMENTS IN THE HARDWARE AND SOFTWARE 46
6.4 CHALLENGES 46
6.4.1 ENVIRONMENTAL IMPACT OF CRYPTOCURRENCY MINING 46
6.4.2 MISUSE OF VIRTUAL CURRENCY AND SECURITY ATTACK 47
7 IMPACT ANALYSIS OF COVID-19 ON MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET 48
7.1 ANALYSIS ON IMPACT OF COVID-19 ON THE MARKET 48
7.2 STRATEGIC DECISION BY MANUFACTURERS AFTER COVID-19 48
7.3 IMPACT ON DEMAND 48
7.4 IMPACT ON PRICE 49
7.5 IMPACT ON SUPPLY CHAIN 49
7.6 CONCLUSION 49
8 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET, BY MINING ENTERPRISE 50
8.1 OVERVIEW 51
8.2 LARGE MINERS 52
8.3 SMALL MINERS 53
9 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET, BY REVENUE SOURCE 54
9.1 OVERVIEW 55
9.2 BLOCK REWARDS 56
9.3 TRANSACTION FEES 57
10 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET, BY MINING TYPE 58
10.1 OVERVIEW 59
10.2 REMOTE HOSTING SERVICES 60
10.3 CLOUD MINING SERVICES 60
10.4 SELF-MINING 61
11 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET, BY HARDWARE 62
11.1 OVERVIEW 63
11.2 ASIC 64
11.3 GPU 64
11.4 CPU 65
11.5 OTHER 66
12 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET, BY REGION 67
12.1 MIDDLE EAST & AFRICA 68
12.1.1 SAUDI ARABIA 73
12.1.2 U.A.E. 74
12.1.3 SOUTH AFRICA 75
12.1.4 ISRAEL 76
12.1.5 EGYPT 77
12.1.6 REST OF MIDDLE EAST & AFRICA 78
13 MIDDLE EAST & AFRICA CRYPTOCURRENCY MINING MARKET:COMPANY LANDSCAPE 79
13.1 COMPANY SHARE ANALYSIS: MIDDLE EAST & AFRICA 79
14 SWOT ANALYSIS 80
15 COMPANY PROFILE 81
15.1 CANAAN INC. 81
15.1.1 COMPANY SNAPSHOT 81
15.1.2 REVENUE ANALYSIS 81
15.1.3 COMPANY SHARE ANALYSIS 82
15.1.4 PRODUCT PORTFOLIO 82
15.1.5 RECENT DEVELOPMENTS 83
15.2 ARGO BLOCKCHAIN 84
15.2.1 COMPANY SNAPSHOT 84
15.2.2 REVENUE ANALYSIS 84
15.2.3 COMPANY SHARE ANALYSIS 85
15.2.4 PRODUCT PORTFOLIO 85
15.2.5 RECENT DEVELOPMENTS 85
15.3 HIVE BLOCKCHAIN TECHNOLOGIES LTD. 86
15.3.1 COMPANY SNAPSHOT 86
15.3.2 REVENUE ANALYSIS 86
15.3.3 COMPANY SHARE ANALYSIS 87
15.3.4 PRODUCT PORTFOLIO 87
15.3.5 RECENT DEVELOPMENTS 88
15.4 BIT DIGITAL, INC. 89
15.4.1 COMPANY SNAPSHOT 89
15.4.2 REVENUE ANALYSIS 89
15.4.3 COMPANY SHARE ANALYSIS 90
15.4.4 PRODUCT PORTFOLIO 90
15.4.5 RECENT DEVELOPMENTS 90
15.5 RIOT BLOCKCHAIN, INC. 91
15.5.1 COMPANY SNAPSHOT 91
15.5.2 REVENUE ANALYSIS 91
15.5.3 COMPANY SHARE ANALYSIS 92
15.5.4 SERVICE PORTFOLIO 92
15.5.5 RECENT DEVELOPMENTS 92
15.6 ASICMINER COMPANY 93
15.6.1 COMPANY SNAPSHOT 93
15.6.2 PRODUCT PORTFOLIO 93
15.6.3 RECENT DEVELOPMENT 93
15.7 BRAIINS SYSTEMS S.R.O. 94
15.7.1 COMPANY SNAPSHOT 94
15.7.2 PRODUCT PORTFOLIO 94
15.7.3 RECENT DEVELOPMENTS 94
15.8 BITMAIN TECHNOLOGIES HOLDING COMPANY 95
15.8.1 COMPANY SNAPSHOT 95
15.8.2 PRODUCT PORTFOLIO 95
15.8.3 RECENT DEVELOPMENTS 96
15.9 CORE SCIENTIFIC, INC., INC., INC. 97
15.9.1 COMPANY SNAPSHOT 97
15.9.2 PRODUCT PORTFOLIO 97
15.9.3 RECENT DEVELOPMENTS 98
15.10 F2POOL 99
15.10.1 COMPANY SNAPSHOT 99
15.10.2 PRODUCT PORTFOLIO 99
15.10.3 RECENT DEVELOPMENT 99
15.11 GENESIS MINING LTD 100
15.11.1 COMPANY SNAPSHOT 100
15.11.2 PRODUCT PORTFOLIO 100
15.11.3 RECENT DEVELOPMENT 100
15.12 GMO INTERNET, INC., INC., INC. 101
15.12.1 COMPANY SNAPSHOT 101
15.12.2 REVENUE ANALYSIS 101
15.12.3 SERVICE PORTFOLIO 102
15.12.4 RECENT DEVELOPMENTS 102
15.13 HUT 8 MINING CORP. 103
15.13.1 COMPANY SNAPSHOT 103
15.13.2 REVENUE ANALYSIS 103
15.13.3 SERVICE PORTFOLIO 104
15.13.4 RECENT DEVELOPMENTS 104
15.14 IMINING TECHNOLOGIES INC. 105
15.14.1 COMPANY SNAPSHOT 105
15.14.2 SERVICE PORTFOLIO 105
15.14.3 RECENT DEVELOPMENTS 106
15.15 INNOSILICON TECHNOLOGY LTD. 107
15.15.1 COMPANY SNAPSHOT 107
15.15.2 PRODUCT PORTFOLIO 107
15.15.3 RECENT DEVELOPMENT 107
15.16 MINERGATE 108
15.16.1 COMPANY SNAPSHOT 108
15.16.2 PRODUCT PORTFOLIO 108
15.16.3 RECENT DEVELOPMENT 108
15.17 MININGSKY (A SUBSIDIARY OF SKYCHAIN TECHNOLOGIES INC.) 109
15.17.1 COMPANY SNAPSHOT 109
15.17.2 REVENUE ANALYSIS 109
15.17.3 PRODUCT PORTFOLIO 110
15.17.4 RECENT DEVELOPMENT 110
15.18 MININGSTORE.COM 111
15.18.1 COMPANY SNAPSHOT 111
15.18.2 PRODUCT PORTFOLIO 111
15.18.3 RECENT DEVELOPMENT 112
15.19 SHENZHEN MICROBT ELECTRONICS TECHNOLOGY CO., LTD 113
15.19.1 COMPANY SNAPSHOT 113
15.19.2 PRODUCT PORTFOLIO 113
15.19.3 RECENT DEVELOPMENT 113
15.20 VIABTC 114
15.20.1 COMPANY SNAPSHOT 114
15.20.2 PRODUCT PORTFOLIO 114
15.20.3 RECENT DEVELOPMENTS 115
16 QUESTIONNAIRE 116
17 RELATED REPORTS 119