Crypto mining, a market worth nearly $2 billion

The crypto mining market is worth $2 billion today and would be worth $7 billion in 2030.

As the mining industry strengthens, the sale of machines used to mine the queen of cryptocurrencies is increasing. According to some, this trend is reminiscent of the gold rush period. Except that it was not the gold prospectors who got richer at that time, but the pickaxe sellers.

Today, the sellers of bitcoin are the sellers of machines. The mining market (hardware, software and associated services) already weighed 1.92 billion dollars in 2022, according to a study by Precedence Search spotted by Numerama, and should be worth 7 billion dollars in 2032. Note that the The mining concerned by this study concerns several cryptos (bitcoin, ether, bitcoin cash, ripple, litecoin and dash).

To date, a bitcoin mining machine is worth between $3,000 and $8,000. As a reminder, it is no longer possible to mine bitcoin with an individual’s computer. This is neither profitable nor possible given the computing power required to mine a block of the blockchain. From now on, computers are war machines, with great computing power, and equipped with specialized graphics cards.

It’s a never-ending arms race, because the bitcoin protocol is designed to scale with the power of computers. That is to say that even if the network goes faster to mine, bitcoin will ensure that we cannot mine a block in less than 10 minutes.

So even if the machines improve, blockchain will slow down mining. This is perhaps the difference with ancient gold panning. This is because nature, at the time, did not adapt to the mining of miners.