Crypto mining is not dead: an average annual growth of 7.8% is expected by 2032

Many miners believe that it is no longer profitable. However, the global market is expected to grow at a compound annual growth rate (CAGR) of 7.8% through 2032. The global cryptocurrency mining market was valued at $1.55 billion in 2024 and is expected to reach $2.83 billion by 2032.

The demand for cryptocurrency mining is driven by the massive adoption of digital assets and constant technological innovations in hardware. For example, in 2024, Intel launched its second-generation Blockscale ASIC chips aimed at improving energy efficiency for bitcoin mining.

Globally, bitcoin continues to account for the largest share of mining activity. With Ethereum’s transition to the Proof-of-Stake (PoS) model in 2022, miners are increasingly switching to altcoins such as Litecoin and Ethereum Classic.

Large companies are not only expanding their mining capacity, but also invest in AI computing, quantum infrastructure, and other new technologies. This suggests that cryptomining will remain relevant for large-scale operators for a long time.

One notable trend is the accelerated transition to sustainable and energy-efficient mining solutions. Last year, Marathon Digital Holdings has expanded its operations using renewable energy sources such as wind and solar in Texas and North Dakota, with the goal of powering more than 50% of its capacity with green energy.

In 2023, Bitmain launched the Antminer S21, setting a new standard for low-energy, high-performance mining hardware. The hashrate is 200 TG/s and the energy efficiency is 16 J/TG.

Several companies, such as LiquidStack and Bitfury, have implemented immersion cooling technology — a method in which mining rigs are immersed in a liquid coolant — to reduce heat loss and improve equipment durability.

The industry is currently focused on AI-driven hashrate management and support for individual miners. For example, MiningToken recently announced the launch of its own mining infrastructure, the MTminer-Cloud series. MiningToken has a global network of renewable energy sources and allows users to mine multiple cryptocurrencies remotely — without buying physical hardware.

Source: Databridge Market Research