According to a report published by ResearchandMarket.com, an increasing number of product launches is expected to trigger growth in the period between 2019 to 2023. Vendors making investments in research and development and incorporating different technologies are aiming at increasing hash rate and reducing power consumption. This makes mining more efficient.
Research and Market predict that the number of product launches will provide a boost to the cryptocurrency mining hardware market. Cryptocurrency mining specific hardware, designed specifically for hash-solving, is driving growth in demand.
One of the challenges in the growth of the global cryptocurrency mining hardware market is the high operational cost leading to low-profit margins. The rise in the number of cryptocurrency startups closing their operations will affect the growth of the market during the forecast period.