Coherent’s Releases Brand new Crypto Mining Analysis

• The global cryptocurrency mining market is expected to show a massive compound annual growth rate (CAGR) of 29.7%
• The limited supply and heightened complications in finding new blocks will affect the profit of the crypto miners
• China and the U.S. account for 70% of the global cryptocurrency mining operations

Coherent Market Insights released a new report titled ”Cryptocurrency Mining Market Analysis”. The report essentially highlights the significant factors, challenges, and opportunities that come with cryptocurrency mining. The global cryptocurrency mining market is expected to show a massive compound annual growth rate (CAGR) of 29.7%. 

Limited Supply May Affect the Revenue of Miners

The supply of both Bitcoin Cash and Bitcoin is limited to 21 million tokens. The report revealed that the limited supply and heightened complications in finding new blocks would definitely affect the profit of the crypto miners. Hence miners are stressing about increasing transaction fees. The altcoin market will be heavily impacted by it, and the overall cryptocurrency adoption will be disturbed. On December 12, 2017, it revealed that the proportion of transaction fees as a percentage of total bitcoin mining was 9.12%. 

Main Factors That Determine Mining Abilities of a Mining Pool

Global Cryptocurrency Benchmarking Study – 2017 by Cambridge Centre predicted that by the start of 2018, the transaction fees would reach 10%. China and the U.S. account for 70% of the global cryptocurrency mining operations that take place. The analysis was entirely based on the total number of pools. However, it must be noted that the number of pools does not necessarily determine their mining abilities. They are governed by factors like low temperature, low electricity cost, and continuous internet access. 

Russia has compelling and robust electricity generation capabilities. RadiusGroup, the Russian player, is exceptionally inclined towards deploying cryptocurrency mining facilities in the country. This will surely enhance Russia’s position in the cryptocurrency mining sector. AntPool, BTC.com, ViaBTC, BTC Top, SlushPool, and F2Pool are major mining pools as per the report. These pools contributed a massive 75% to the mining industry in 2017.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.