Bitcoin Mining Servers MarketEmerging Trends, Business Growth Opportunities and Major Driving Factors

Global Bitcoin Mining Servers Market: Introduction

• Bitcoin mining servers make the user gain related premiums of a higher bandwidth at which their data is intended to be transmitted safely. As a result, bitcoin mining servers enhance the overall performance of the user’s portal or web-based service. The key role of bitcoin mining servers is to allow bitcoin nodes to become tamper resistant and secure. Bitcoin mining servers is specifically designed to be resource intensive so that the total number of blocks discovered by miners is maintained to avoid rapid inflation.
• Additionally, bitcoin mining servers primarily provide professional-grade and energy-efficient mining solutions for the most popular digital currencies for various applications in banking, financial services and insurance (BFSI), energy, and hospitality industries worldwide.

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Increasing demand for energy-efficient hardware driving the bitcoin mining servers market

• Growing popularity of bitcoin mining is leading to rising energy consumption. According to the International Renewable Energy Agency (IRENA), in 2017, the annual energy collectively consumed in the mining of bitcoin and Ethereum was approximately 42.67 TWh, accounting for 0.19% of the world’s electricity consumption. There is no centralized authority; however, miners validate blocks of block chain transactions for a remuneration in the form of coins. Validating of a block of a block chain transaction comprises cracking challenging computational issues, which can only be carried out by a powerful computing system. Consequently, the more powerful the computational system is, the more energy it consumes. According to an estimation by the Bitcoin Energy Consumption Index, each bitcoin transaction consumes approximately 251 KWh of electricity and an average of 300,000 bitcoin transactions are processed in a day. The significant amount of energy is used by miners to run computational systems including CPU, GPU, and ASICs. Some of the green energy startups are coming up with potential solutions to offer energy-efficient hardware. In November 2017, HydroMiner GmbH, an Austria-based startup, raised US$ 2.8 Mn to install a renewable hydropower plant to run its mining servers. In addition to this, availability of energy-efficient hardware solutions to help mine block chains at lower costs is expected to drive the global bitcoin mining servers market during the forecast period.