Table of Content

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 DEFINITION 25
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED 26
1.3.2 YEARS CONSIDERED 26
1.4 CURRENCY 27
1.5 INCLUSIONS & EXCLUSIONS 27
1.6 STAKEHOLDERS 27
1.7 SUMMARY OF CHANGES 28
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH DATA 29
FIGURE 1 RESEARCH DESIGN 29
2.1.1 SECONDARY AND PRIMARY RESEARCH 31
2.1.1.1 Key industry insights 31
2.1.2 SECONDARY DATA 32
2.1.2.1 List of major secondary sources 32
2.1.2.2 Secondary sources 32
2.1.3 PRIMARY DATA 33
2.1.3.1 Breakdown of primaries 33
2.1.3.2 Primary sources 33
2.2 MARKET SIZE ESTIMATION 34
2.2.1 BOTTOM-UP APPROACH 34
2.2.1.1 Demand-side analysis 34
FIGURE 2 BOTTOM-UP APPROACH 35
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1?
BOTTOM-UP (DEMAND SIDE) – DEMAND FOR CRYPTOCURRENCIES 35
2.2.2 TOP-DOWN APPROACH 36
2.2.2.1 Supply-side analysis 36
FIGURE 4 TOP-DOWN APPROACH 36
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)?REVENUE GENERATED FROM CRYPTOCURRENCY RELATED PRODUCTS 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 38
FIGURE 6 DATA TRIANGULATION 38
2.4 RESEARCH ASSUMPTIONS 39
TABLE 1 STUDY ASSUMPTIONS 39
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2.5 LIMITATIONS 40
2.5.1 METHODOLOGY-RELATED LIMITATIONS 40
2.5.2 SCOPE-RELATED LIMITATIONS 40
3 EXECUTIVE SUMMARY 41
FIGURE 7 GLOBAL INDUSTRIAL SENSORS MARKET, 2015–2026 (USD MILLION) 41
FIGURE 8 CRYPTOCURRENCY MARKET FOR HARDWARE CONTRIBUTED
HIGHEST IN 2020 42
FIGURE 9 CRYPTOCURRENCY MARKET FOR MINING GENERATED MORE
REVENUE IN 2020 42
FIGURE 10 CRYPTOCURRENCY MARKET FOR BITCOIN TO HOLD LARGEST SHARE
DURING 2021–2026 43
FIGURE 11 CRYPTOCURRENCY MARKET FOR PAYMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 43
FIGURE 12 APAC HELD LARGEST SHARE OF CRYPTOCURRENCY MARKET IN 2020 44
4 PREMIUM INSIGHTS 45
4.1 ATTRACTIVE OPPORTUNITIES IN CRYPTOCURRENCY MARKET 45
FIGURE 13 APAC TO DOMINATE CRYPTOCURRENCY MARKET DURING FORECAST PERIOD 45
4.2 CRYPTOCURRENCY MARKET FOR PAYMENT, BY TYPE 45
FIGURE 14 PEER-TO PEER PAYMENT TO DOMINATE CRYPTOCURRENCY MARKET
DURING FORECAST PERIOD 45
4.3 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE 46
FIGURE 15 CRYPTOCURRENCY MARKET FOR POOL MINING WILL HAVE
HIGHEST MARKET SHARE IN 2026 46
4.4 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY 46
FIGURE 16 TRADING AND US SEGMENTS TO HOLD LARGEST SHARE OF CRYPTOCURRENCY MARKET IN NORTH AMERICA IN 2021 46
4.5 CRYPTOCURRENCY MARKET, BY GEOGRAPHY 47
FIGURE 17 CRYPTOCURRENCY MARKET IN SOUTH AMERICA TO GROW AT
HIGHEST CAGR FROM 2021 TO 2026 47
5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 MARKET DYNAMICS 48
FIGURE 18 CRYPTOCURRENCY MARKET: DRIVERS, RESTRAINTS,
OPPORTUNITIES, AND CHALLENGES 48
5.2.1 DRIVERS 49
5.2.1.1 Transparency of distributed ledger technology 49
5.2.1.2 High inflow of remittances to developing countries 49
FIGURE 19 GLOBAL REMITTANCE FLOWS, 2014–2019 49
FIGURE 20 TOP REMITTANCE RECEIVERS, 2019 50
5.2.1.3 High charges of cross-border remittances 50
FIGURE 21 COSTS OF REMITTANCES, 2017 VS. 2018 50
5.2.1.4 Growth in venture capital investments 51
TABLE 2 FUNDING IN CRYPTOCURRENCY MARKET, 2014–2018 (USD MILLION) 51
FIGURE 22 CRYPTOCURRENCY MARKET DRIVERS AND THEIR IMPACT 52
5.2.2 RESTRAINTS 52
5.2.2.1 Uncertain regulatory status 52
5.2.2.2 Lack of awareness and technical understanding regarding cryptocurrencies 52
FIGURE 23 CRYPTOCURRENCY MARKET RESTRAINTS AND THEIR IMPACT 53
5.2.3 OPPORTUNITIES 53
5.2.3.1 Significant growth opportunities in emerging and developed markets 53
5.2.3.2 Growing acceptance of cryptocurrency across various industries 54
FIGURE 24 CRYPTOCURRENCY MARKET OPPORTUNITIES AND THEIR IMPACT 54
5.2.4 CHALLENGES 54
5.2.4.1 Concerns regarding security, privacy, and control 54
5.2.4.2 Technical challenges pertaining to scalability 55
5.2.4.3 Lack of legislation 55
FIGURE 25 CRYPTOCURRENCY MARKET CHALLENGES AND THEIR IMPACT 56
5.3 VALUE CHAIN ANALYSIS OF CRYPTOCURRENCY MARKET 57
FIGURE 26 VALUE CHAIN ANALYSIS OF CRYPTOCURRENCY, 2018 57
6 INDUSTRY TRENDS 59
6.1 CASE STUDY 59
6.1.1 RANSOMWARE CASE STUDY 59
6.1.1.1 Technology behind ransomware 59
6.1.1.2 Encryption 59
6.1.1.3 Advent of cryptocurrencies 59
6.1.1.4 Impact of ransomware attack 60
6.1.1.5 Decline of ransomware 60
6.2 TECHNOLOGY TRENDS 60
6.2.1 RISE IN CRYPTOCURRENCY MINING MALWARE 60
6.2.2 INITIAL COIN OFFERING (ICO) 61
6.2.3 CRYPTOGRAPHY IN CRYPTOCURRENCY 61
6.3 CRYPTOCURRENCY PRICES (IN USD) 62
TABLE 3 CRYPTOCURRENCY PRICE TREND, 2014–2021 (USD) 62
6.3.1 HARDFORK IN CRYPTOCURRENCIES 62
TABLE 4 CRYPTOCURRENCY FORK, 2017–2018 62
6.4 REGULATIONS PERTAINING TO CRYPTOCURRENCY 64
TABLE 5 CRYPTOCURRENCY STATUS, BY COUNTRY, 2019 64
6.5 PATENT ANALYSIS 65
TABLE 6 IMPORTANT INNOVATIONS AND PATENTS REGISTRATION 65
6.6 PORTER’S FIVE FORCES MODEL 67
TABLE 7 CRYPTOCURRENCY MARKET: PORTER’S FIVE FORCES ANALYSIS 67
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6.7 CRYPTOCURRENCY TRADING VOLUME 67
TABLE 8 CRYPTOCURRENCY TRADING VOLUME, 2018–2021 (USD BILLION) 67
6.8 CRYPTOCURRENCY ECOSYSTEM/MARKET MAPPING 68
FIGURE 27 ECOSYSTEM OF CRYPTOCURRENCIES 68
6.8.1 IMPACT OF COVID-19 69
7 CRYPTOCURRENCY MARKET, BY OFFERING 70
7.1 INTRODUCTION 71
FIGURE 28 SOFTWARE TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 71
TABLE 9 CRYPTOCURRENCY MARKET, BY OFFERING, 2015–2020 (USD MILLION) 71
TABLE 10 CRYPTOCURRENCY MARKET, BY OFFERING, 2021–2026 (USD MILLION) 71
7.2 HARDWARE 72
TABLE 11 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESS,
2015–2020 (USD MILLION) 73
TABLE 12 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESS,
2021–2026 (USD MILLION) 73
TABLE 13 CRYPTOCURRENCY MARKET FOR HARDWARE, BY REGION,
2015–2020 (USD MILLION) 73
TABLE 14 CRYPTOCURRENCY MARKET FOR HARDWARE, BY REGION,
2021–2026 (USD MILLION) 74
TABLE 15 CRYPTOCURRENCY MARKET FOR HARDWARE IN APAC, BY COUNTRY,
2015–2020 (USD MILLION) 74
TABLE 16 CRYPTOCURRENCY MARKET FOR HARDWARE IN APAC, BY COUNTRY,
2021–2026 (USD MILLION) 75
TABLE 17 CRYPTOCURRENCY MARKET FOR HARDWARE IN NORTH AMERICA,
BY COUNTRY, 2015–2020 (USD MILLION) 75
TABLE 18 CRYPTOCURRENCY MARKET FOR HARDWARE IN NORTH AMERICA,
BY COUNTRY, 2021–2026 (USD MILLION) 75
TABLE 19 CRYPTOCURRENCY MARKET FOR HARDWARE IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION) 76
TABLE 20 CRYPTOCURRENCY MARKET FOR HARDWARE IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 76
TABLE 21 CRYPTOCURRENCY MARKET FOR HARDWARE IN ROW, BY REGION,
2015–2020 (USD MILLION) 76
TABLE 22 CRYPTOCURRENCY MARKET FOR HARDWARE IN ROW, BY REGION,
2021–2026 (USD MILLION) 77
TABLE 23 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESSOR,
2015–2020 (USD MILLION) 77
TABLE 24 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESSOR,
2021–2026 (USD MILLION) 77
7.2.1 ASIC 78
7.2.1.1 Application-specific integrated circuit (ASIC) helps solve
problems by building gates to emulate logic 78
TABLE 25 ASIC MARKET, BY VOLUME AND ASP, 2015–2020 78
TABLE 26 ASIC MARKET, BY VOLUME AND ASP, 2021–2026 78
TABLE 27 CRYPTOCURRENCY ASIC HARDWARE 79
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7.2.2 GPU 81
7.2.2.1 GPU is specialized electronic circuit designed to rapidly manipulate and alter memory to accelerate creation of images in framebuffer intended for output on display device 81
7.2.3 FPGA 82
7.2.3.1 FPGA is an integrated circuit that can be configured by customer or designer even after it is manufactured 82
TABLE 28 FPGA MARKET, BY VOLUME AND ASP, 2015–2020 82
TABLE 29 FPGA MARKET, BY VOLUME AND ASP, 2021–2026 82
7.2.4 WALLET 83
7.2.4.1 Cryptocurrency wallets allow users to send and
receive cryptocurrency 83
7.3 SOFTWARE 83
TABLE 30 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY PROCESS,
2015–2020 (USD MILLION) 83
TABLE 31 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY PROCESS,
2021–2026 (USD MILLION) 84
TABLE 32 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY REGION,
2015–2020 (USD MILLION) 84
TABLE 33 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY REGION,
2021–2026 (USD MILLION) 84
TABLE 34 CRYPTOCURRENCY MARKET FOR SOFTWARE IN APAC, BY COUNTRY,
2015–2020 (USD MILLION) 85
TABLE 35 CRYPTOCURRENCY MARKET FOR SOFTWARE IN APAC, BY COUNTRY,
2021–2026 (USD MILLION) 85
TABLE 36 CRYPTOCURRENCY MARKET FOR SOFTWARE IN NORTH AMERICA,
BY COUNTRY, 2015–2020 (USD MILLION) 85
TABLE 37 CRYPTOCURRENCY MARKET FOR SOFTWARE IN NORTH AMERICA,
BY COUNTRY, 2021–2026 (USD MILLION) 86
TABLE 38 CRYPTOCURRENCY MARKET FOR SOFTWARE IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION) 86
TABLE 39 CRYPTOCURRENCY MARKET FOR SOFTWARE IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 86
TABLE 40 CRYPTOCURRENCY MARKET FOR SOFTWARE IN ROW, BY REGION,
2015–2020 (USD MILLION) 87
TABLE 41 CRYPTOCURRENCY MARKET FOR SOFTWARE IN ROW, BY REGION,
2021–2026 (USD MILLION) 87
TABLE 42 CRYPTOCURRENCY MARKET, BY SOFTWARE, 2015–2020 (USD MILLION) 87
TABLE 43 CRYPTOCURRENCY MARKET, BY SOFTWARE, 2021–2026 (USD MILLION) 88
7.3.1 MINING PLATFORM 88
7.3.1.1 Mining is an integral process in generation, transmission,
and validation of cryptocurrency transactions 88
7.3.2 COIN WALLET 88
7.3.2.1 Coin wallet is a software program that is used to securely store, send, and receive cryptocurrencies through management of private and public cryptographic keys 88
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7.3.3 EXCHANGE 89
7.3.3.1 Coin exchanges play an important role in promoting
cryptocurrency by enabling conversion of cryptocurrency coins to fiat currency and vice versa 89
8 CRYPTOCURRENCY MARKET, BY PROCESS 90
8.1 INTRODUCTION 91
FIGURE 29 TRANSACTION TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 91
TABLE 44 CRYPTOCURRENCY MARKET, BY PROCESS, 2015–2020 (USD MILLION) 91
TABLE 45 CRYPTOCURRENCY MARKET, BY PROCESS, 2021–2026 (USD MILLION) 91
8.2 MINING 92
TABLE 46 CRYPTOCURRENCY MARKET FOR MINING, BY OFFERING,
2015–2020 (USD MILLION) 92
TABLE 47 CRYPTOCURRENCY MARKET FOR MINING, BY OFFERING,
2021–2026 (USD MILLION) 93
TABLE 48 CRYPTOCURRENCY MARKET FOR MINING, BY REGION,
2015–2020 (USD MILLION) 93
TABLE 49 CRYPTOCURRENCY MARKET FOR MINING, BY REGION,
2021–2026 (USD MILLION) 93
TABLE 50 CRYPTOCURRENCY MARKET FOR MINING IN APAC, BY COUNTRY,
2015–2020 (USD MILLION) 94
TABLE 51 CRYPTOCURRENCY MARKET FOR MINING IN APAC, BY COUNTRY,
2021–2026 (USD MILLION) 94
TABLE 52 CRYPTOCURRENCY MARKET FOR MINING IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION) 94
TABLE 53 CRYPTOCURRENCY MARKET FOR MINING IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION) 95
TABLE 54 CRYPTOCURRENCY MARKET FOR MINING IN EUROPE, BY COUNTRY,
2015–2020 (USD MILLION) 95
TABLE 55 CRYPTOCURRENCY MARKET FOR MINING IN EUROPE, BY COUNTRY,
2021–2026 (USD MILLION) 95
TABLE 56 CRYPTOCURRENCY MARKET FOR MINING IN ROW, BY REGION,
2015–2020 (USD MILLION) 96
TABLE 57 CRYPTOCURRENCY MARKET FOR MINING IN ROW, BY REGION,
2021–2026 (USD MILLION) 96
TABLE 58 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE,
2015–2020 (USD MILLION) 96
TABLE 59 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE,
2021–2026 (USD MILLION) 97
8.2.1 SOLO MINING 97
8.2.1.1 Solo mining relies mainly on chance and probability of winning a block within a given period of time 97
8.2.2 POOL MINING 97
8.2.2.1 In pool mining, group of miners create ways to even out rewards 97
8.2.3 CLOUD MINING 98
8.2.3.1 In cloud mining, large group of interconnected computers, known as network servers, is used by miners 98
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8.3 TRANSACTION 98
TABLE 60 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY OFFERING,
2015–2020 (USD MILLION) 99
TABLE 61 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY OFFERING,
2021–2026 (USD MILLION) 99
TABLE 62 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY REGION,
2015–2020 (USD MILLION) 99
TABLE 63 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY REGION,
2021–2026 (USD MILLION) 100
TABLE 64 CRYPTOCURRENCY MARKET FOR TRANSACTION IN APAC, BY COUNTRY, 2015–2020 (USD MILLION) 100
TABLE 65 CRYPTOCURRENCY MARKET FOR TRANSACTION IN APAC, BY COUNTRY, 2021–2026 (USD MILLION) 100
TABLE 66 CRYPTOCURRENCY MARKET FOR TRANSACTION IN NORTH AMERICA,
BY COUNTRY, 2015–2020 (USD MILLION) 101
TABLE 67 CRYPTOCURRENCY MARKET FOR TRANSACTION IN NORTH AMERICA,
BY COUNTRY, 2021–2026 (USD MILLION) 101
TABLE 68 CRYPTOCURRENCY MARKET FOR TRANSACTION IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION) 101
TABLE 69 CRYPTOCURRENCY MARKET FOR TRANSACTION IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION) 102
TABLE 70 CRYPTOCURRENCY MARKET FOR TRANSACTION IN ROW, BY REGION,
2015–2020 (USD MILLION) 102
TABLE 71 CRYPTOCURRENCY MARKET FOR TRANSACTION IN ROW, BY REGION,
2021–2026 (USD MILLION) 102
TABLE 72 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY TYPE,
2015–2020 (USD MILLION) 103
TABLE 73 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY TYPE,
2021–2026 (USD MILLION) 103
8.3.1 EXCHANGE 103
8.3.1.1 Crypto exchanges facilitate crypto trading and set rate of
currencies for transactions 103
8.3.2 WALLET 103
8.3.2.1 Desktop wallets are installed on desktop computers and
provide users with complete control over wallet 103
9 CRYPTOCURRENCY MARKET, BY TYPE 104
9.1 INTRODUCTION 105
TABLE 74 CRYPTOCURRENCY MARKET, BY TYPE, 2015–2020 (USD MILLION) 105
TABLE 75 CRYPTOCURRENCY MARKET, BY TYPE, 2017–2021 (USD MILLION) 105
9.2 BITCOIN 106
9.2.1 BITCOIN MINING PROCESS HAS CHANGED FROM SOFTWARE-
TO HARDWARE-ORIENTED 106
9.3 ETHEREUM (ETH) 107
9.3.1 ETHEREUM BLOCKCHAIN FOCUSES ON RUNNING PROGRAMMING
CODE OF ANY DECENTRALIZED APPLICATION, ENABLING IT TO BE BUILT AND RUN WITHOUT ANY DOWNTIME, FRAUD, CONTROL, OR INTERFERENCE FROM A THIRD PARTY 107
9.4 BITCOIN CASH 107
9.4.1 BITCOIN CASH, CONTINUATION OF BITCOIN PROJECT, WAS FORMED BY
SPLIT OF BITCOIN PROJECT AND ITS COMMUNITY INTO TWO 107
9.5 RIPPLE (XRP) 107
9.5.1 XRP USES A GLOBAL CONSENSUS LEDGER MODEL FOR TRANSACTIONS 107
9.6 DASHCOIN 108
9.6.1 DASHCOIN IS AN OPEN-SOURCE, PEER-TO-PEER CRYPTOCURRENCY
THAT OFFERS SAME FEATURES AS BITCOIN 108
9.7 LITECOIN (LTC) 108
9.7.1 LTC IS AN OPEN SOURCE, GLOBAL PAYMENT NETWORK THAT IS
FULLY DECENTRALIZED 108
9.8 OTHERS 108
10 CRYPTOCURRENCY MARKET, BY END-USER INDUSTRY 109
10.1 BANKING 109
10.1.1 CENTRAL BANKS ACROSS ASIA AND EUROPE ARE PLANNING TO
LAUNCH DIGITAL CURRENCIES FOR FUTURE PAYMENT SYSTEMS AND CROSS-BORDER TRANSACTIONS 109
10.2 REAL ESTATE 109
10.2.1 CURRENT PROCEDURES FOR SEARCHING AND LEASING PROPERTIES IN COMMERCIAL REAL ESTATE (CRE) INDUSTRY CAN BE SIGNIFICANTLY IMPROVED BY CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGIES 109
10.3 RETAIL & ECOMMERCE 110
10.3.1 CRYPTOCURRENCY USE IN RETAIL AND ECOMMERCE INDUSTRIES IS
LIMITED TO MOST TECHNOLOGICALLY ADVANCED BUYERS 110
10.3.2 OVERSTOCK 110
10.3.3 NEWEGG 110
10.3.4 CRYPTOPET 110
10.3.5 BEESBROS 110
10.3.6 BITGILD 110
11 GEOGRAPHIC ANALYSIS 111
11.1 INTRODUCTION 112
FIGURE 30 CRYPTOCURRENCY MARKET IN ROW TO GROW AT HIGHEST CAGR
DURING FORECAST PERIOD 112
FIGURE 31 APAC TO HOLD LARGEST SHARE OF CRYPTOCURRENCY MARKET
DURING FORECAST PERIOD 113
TABLE 76 CRYPTOCURRENCY MARKET, BY REGION, 2015–2020 (USD MILLION) 113
TABLE 77 CRYPTOCURRENCY MARKET, BY REGION, 2021–2026 (USD MILLION) 113
11.2 NORTH AMERICA 114
FIGURE 32 NORTH AMERICA: SNAPSHOT OF CRYPTOCURRENCY MARKET 114
TABLE 78 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY COUNTRY,
2015–2020 (USD MILLION) 115
TABLE 79 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY COUNTRY,
2021–2026 (USD MILLION) 115
TABLE 80 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY OFFERING,
2015–2020 (USD MILLION) 115
TABLE 81 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY OFFERING,
2021–2026 (USD MILLION) 116
TABLE 82 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY PROCESS,
2015–2020 (USD MILLION) 116
TABLE 83 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY PROCESS,
2021–2026 (USD MILLION) 116
TABLE 84 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION,
2015–2020 (USD MILLION) 117
TABLE 85 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION,
2021–2026 (USD MILLION) 117
11.2.1 US 117
11.2.1.1 Concentration of large and small-scale companies providing cryptocurrency-based products and solutions favor growth of
market in US 117
TABLE 86 CRYPTOCURRENCY MARKET IN US, BY PROCESS,
2015–2020 (USD MILLION) 118
TABLE 87 CRYPTOCURRENCY MARKET IN US, BY PROCESS,
2021–2026 (USD MILLION) 118
11.2.2 CANADA 118
11.2.2.1 Cryptocurrency dealers in Canada need to register themselves as money service businesses (MSBs) with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) 118
TABLE 88 CRYPTOCURRENCY MARKET IN CANADA, BY PROCESS,
2015–2020 (USD MILLION) 119
TABLE 89 CRYPTOCURRENCY MARKET IN CANADA, BY PROCESS,
2021–2026 (USD MILLION) 119
11.2.3 MEXICO 120
11.2.3.1 Mexico is emerging as a major contributor to cryptocurrency market in North America 120
TABLE 90 CRYPTOCURRENCY MARKET IN MEXICO, BY PROCESS,
2015–2020 (USD MILLION) 120
TABLE 91 CRYPTOCURRENCY MARKET IN MEXICO, BY PROCESS,
2021–2026 (USD MILLION) 120
11.3 EUROPE 121
FIGURE 33 EUROPE: SNAPSHOT OF CRYPTOCURRENCY MARKET 121
TABLE 92 CRYPTOCURRENCY MARKET IN EUROPE, BY COUNTRY,
2015–2020 (USD MILLION) 122
TABLE 93 CRYPTOCURRENCY MARKET IN EUROPE, BY COUNTRY,
2021–2026 (USD MILLION) 122
TABLE 94 CRYPTOCURRENCY MARKET IN EUROPE, BY OFFERING,
2015–2020 (USD MILLION) 122
TABLE 95 CRYPTOCURRENCY MARKET IN EUROPE, BY OFFERING,
2021–2026 (USD MILLION) 123
TABLE 96 CRYPTOCURRENCY MARKET IN EUROPE, BY PROCESS,
2015–2020 (USD MILLION) 123
TABLE 97 CRYPTOCURRENCY MARKET IN EUROPE, BY PROCESS,
2021–2026 (USD MILLION) 123
TABLE 98 CRYPTOCURRENCY MARKET IN EUROPE, BY APPLICATION,
2015–2020 (USD MILLION) 124
TABLE 99 CRYPTOCURRENCY MARKET IN EUROPE, BY APPLICATION,
2021–2026 (USD MILLION) 124
11.3.1 GERMANY 124
11.3.1.1 Suitable temperature makes mining profitable in Germany 124
TABLE 100 CRYPTOCURRENCY MARKET IN GERMANY, BY PROCESS,
2015–2020 (USD MILLION) 125
TABLE 101 CRYPTOCURRENCY MARKET IN GERMANY, BY PROCESS,
2021–2026 (USD MILLION) 125
11.3.2 FRANCE 125
11.3.2.1 French Government termed cryptocurrency as an instrument for money laundering and other illegal activities 125
TABLE 102 CRYPTOCURRENCY MARKET IN FRANCE, BY PROCESS,
2015–2020 (USD MILLION) 126
TABLE 103 CRYPTOCURRENCY MARKET IN FRANCE, BY PROCESS,
2021–2026 (USD MILLION) 126
11.3.3 UK 126
11.3.3.1 Exchanges in UK have to be registered with Financial
Conduct Authority (FCA) 126
TABLE 104 CRYPTOCURRENCY MARKET IN UK, BY PROCESS,
2015–2020 (USD MILLION) 126
TABLE 105 CRYPTOCURRENCY MARKET IN UK, BY PROCESS,
2021–2026 (USD MILLION) 127
11.3.4 EAST EUROPE 127
11.3.4.1 Malta to emerge as potential growth ground for cryptocurrency market in East Europe 127
TABLE 106 CRYPTOCURRENCY MARKET IN EAST EUROPE, BY PROCESS,
2015–2020 (USD MILLION) 127
TABLE 107 CRYPTOCURRENCY MARKET IN EAST EUROPE, BY PROCESS,
2021–2026 (USD MILLION) 128
11.3.5 REST OF EUROPE 128
TABLE 108 CRYPTOCURRENCY MARKET IN REST OF EUROPE, BY PROCESS,
2015–2020 (USD MILLION) 128
TABLE 109 CRYPTOCURRENCY MARKET IN REST OF EUROPE, BY PROCESS,
2021–2026 (USD MILLION) 129
11.4 APAC 129
FIGURE 34 APAC: SNAPSHOT OF CRYPTOCURRENCY MARKET 130
TABLE 110 CRYPTOCURRENCY MARKET IN APAC, BY COUNTRY,
2015–2020 (USD MILLION) 130
TABLE 111 CRYPTOCURRENCY MARKET IN APAC, BY COUNTRY,
2021–2026 (USD MILLION) 131
TABLE 112 CRYPTOCURRENCY MARKET IN APAC, BY OFFERING,
2015–2020 (USD MILLION) 131
TABLE 113 CRYPTOCURRENCY MARKET IN APAC, BY OFFERING,
2021–2026 (USD MILLION) 131
TABLE 114 CRYPTOCURRENCY MARKET IN APAC, BY PROCESS,
2015–2020 (USD MILLION) 132
TABLE 115 CRYPTOCURRENCY MARKET IN APAC, BY PROCESS,
2021–2026 (USD MILLION) 132
TABLE 116 CRYPTOCURRENCY MARKET IN APAC, BY APPLICATION,
2015–2020 (USD MILLION) 132
TABLE 117 CRYPTOCURRENCY MARKET IN APAC, BY APPLICATION,
2021–2026 (USD MILLION) 133
11.4.1 CHINA 133
11.4.1.1 Cryptocurrency cannot be traded as currency in China 133
TABLE 118 CRYPTOCURRENCY MARKET IN CHINA, BY PROCESS,
2015–2020 (USD MILLION) 133
TABLE 119 CRYPTOCURRENCY MARKET IN CHINA, BY PROCESS,
2021–2026 (USD MILLION) 134
11.4.2 JAPAN 134
11.4.2.1 People can buy or sell cryptocurrency as a commodity in Japan, and cryptocurrency exchange businesses are regulated 134
TABLE 120 CRYPTOCURRENCY MARKET IN JAPAN, BY PROCESS,
2015–2020 (USD MILLION) 134
TABLE 121 CRYPTOCURRENCY MARKET IN JAPAN, BY PROCESS,
2021–2026 (USD MILLION) 135
11.4.3 SOUTH KOREA 135
11.4.3.1 Cryptocurrency dealers must have contracts with banks concerning cryptocurrency trades In South Korea 135
TABLE 122 CRYPTOCURRENCY MARKET IN SOUTH KOREA, BY PROCESS,
2015–2020 (USD MILLION) 135
TABLE 123 CRYPTOCURRENCY MARKET IN SOUTH KOREA, BY PROCESS,
2021–2026 (USD MILLION) 136
11.4.4 REST OF APAC 136
TABLE 124 CRYPTOCURRENCY MARKET IN REST OF APAC, BY PROCESS,
2015–2020 (USD MILLION) 136
TABLE 125 CRYPTOCURRENCY MARKET IN REST OF APAC, BY PROCESS,
2021–2026 (USD MILLION) 137
11.5 ROW 137
TABLE 126 CRYPTOCURRENCY MARKET IN ROW, BY REGION,
2015–2020 (USD MILLION) 137
TABLE 127 CRYPTOCURRENCY MARKET IN ROW, BY REGION,
2021–2026 (USD MILLION) 137
TABLE 128 CRYPTOCURRENCY MARKET IN ROW, BY OFFERING,
2015–2020 (USD MILLION) 138
TABLE 129 CRYPTOCURRENCY MARKET IN ROW, BY OFFERING,
2021–2026 (USD MILLION) 138
TABLE 130 CRYPTOCURRENCY MARKET IN ROW, BY PROCESS,
2015–2020 (USD MILLION) 138
TABLE 131 CRYPTOCURRENCY MARKET IN ROW, BY PROCESS,
2021–2026 (USD MILLION) 138
TABLE 132 CRYPTOCURRENCY MARKET IN ROW, BY APPLICATION,
2015–2020 (USD MILLION) 139
TABLE 133 CRYPTOCURRENCY MARKET IN ROW, BY APPLICATION,
2021–2026 (USD MILLION) 139
11.5.1 SOUTH AMERICA 139
11.5.1.1 Cryptocurrencies are not specifically regulated in South America; however, they are increasingly being used in Argentina 139
TABLE 134 CRYPTOCURRENCY MARKET IN SOUTH AMERICA, BY PROCESS,
2015–2020 (USD MILLION) 140
TABLE 135 CRYPTOCURRENCY MARKET IN SOUTH AMERICA, BY PROCESS,
2021–2026 (USD MILLION) 140
11.5.2 MIDDLE EAST AND AFRICA 140
11.5.2.1 High remittance inflow drives growth of cryptocurrency market in MEA 140
TABLE 136 CRYPTOCURRENCY MARKET IN MEA, BY PROCESS,
2015–2020 (USD MILLION) 141
TABLE 137 CRYPTOCURRENCY MARKET IN MEA, BY PROCESS,
2021–2026 (USD MILLION) 141
12 COMPETITIVE LANDSCAPE 142
12.1 OVERVIEW 142
FIGURE 35 COMPANIES ADOPTED PRODUCT LAUNCHES AS KEY GROWTH STRATEGY FROM 2017 TO 2020 142
12.2 MARKET SHARE ANALYSIS: CRYPTOCURRENCY MARKET 143
TABLE 138 MARKET SHARE OF KEY PLAYERS IN CRYPTOCURRENCY MARKET, 2020 143
12.3 REVENUE ANALYSIS OF TOP 5 PLAYERS IN CRYPTOCURRENCY MARKET 143
FIGURE 36 REVENUE ANALYSIS OF TOP FIVE PLAYERS IN CRYPTOCURRENCY MARKET (2016–2020) 143
12.4 COMPANY EVALUATION MATRIX 144
12.4.1 STARS 144
12.4.2 EMERGING LEADERS 144
12.4.3 PERVASIVE 144
12.4.4 PARTICIPANTS 144
FIGURE 37 CRYPTOCURRENCY MARKET: COMPANY EVALUATION MATRIX, 2020 145
12.5 STARTUP/SME EVALUATION MATRIX, 2020 146
12.5.1 PROGRESSIVE COMPANIES 146
12.5.2 RESPONSIVE COMPANIES 146
12.5.3 DYNAMIC COMPANIES 146
12.5.4 STARTING BLOCKS 146
FIGURE 38 CRYPTOCURRENCY MARKET: STARTUP/SME EVALUATION MATRIX, 2020 147
13 COMPANY PROFILES 148
13.1 KEY PLAYERS 148
(Business Overview, Products Offered, Recent Developments, and MnM View)*
13.1.1 BITMAIN TECHNOLOGIES LTD 148
13.1.2 NVIDIA 150
FIGURE 39 NVIDIA: COMPANY SNAPSHOT 151
13.1.3 ADVANCED MICRO DEVICES, INC. 153
FIGURE 40 ADVANCED MICRO DEVICES: COMPANY SNAPSHOT 154
13.1.4 XILINX 156
FIGURE 41 XILINX: COMPANY SNAPSHOT 157
13.1.5 BITFURY GROUP LIMITED 159
13.1.6 INTEL 162
FIGURE 42 INTEL: COMPANY SNAPSHOT 163
13.1.7 RIPPLE 165
13.1.8 ETHEREUM FOUNDATION 167
13.1.9 COINBASE 168
13.1.10 BITGO 170
13.1.11 BINANCE 172
* Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.
13.2 OTHER COMPANIES 174
13.2.1 CANAAN CREATIVE CO., LTD 174
13.2.2 ZHEJIANG EBANG COMMUNICATION CO., LTD 174
13.2.3 BITSTAMP LTD 174
13.2.4 IFINEX INC 175
13.2.5 LEDGER SAS 175
13.2.6 XAPO 175
13.2.7 ADVANCED MINING TECHNOLOGIES INC. 176
13.2.8 ALCHEMINER, LTD. 176
13.2.9 UPBIT 177
13.2.10 SHARK MINING 178
13.2.11 ETHEREUMMINER.EU 178
13.2.12 PANDAMINER 179
14 APPENDIX 180
14.1 DISCUSSION GUIDE 180
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS? SUBSCRIPTION PORTAL 185
14.3 AVAILABLE CUSTOMIZATIONS 187
14.4 RELATED REPORTS 187
14.5 AUTHOR DETAILS 188