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Market Leader - Cryptocurrency Market

The cryptocurrency market was valued at USD 541.0 Million in 2017 and is expected to reach USD 2,902.0 Million by 2023, at a CAGR of 32.31% between 2017 and 2023. Cryptocurrency is a disruptive concept that can act as an alternative to fiat currency used in the present monetary system. Entrepreneurs, start-ups, and large as well as small and medium enterprises (SMEs) are taking an interest in cryptocurrency and find it a revolutionary concept to counter transactional compliances. Owing to these factors, the ecosystem has attracted extensive venture funding, collaborations, and partnerships among cryptocurrency solutions vendors to provide end-to-end solutions.

The key strategies adopted by most companies in the cryptocurrency market between 2015 and 2017 include product launches; partnerships, agreements, alliances, and collaborations; and expansions and acquisitions. Product launches and product developments accounted for a share of 50% of the overall developments carried out in the market between 2015 and 2017. Partnerships, alliances, agreements, collaborations, joint ventures, and expansions   together accounted for a share of 36.8% of the overall developments carried out in the market during the same period. Expansions and acquisitions accounted for 10.5% and 2.6% of all the developments, respectively.

NVIDIA was ranked first in the cryptocurrency market. It provides high-performing GPUs to process large blocks of data. One of the highest-powered GeForce Graphics cards in the market is NVIDIA’s GeForce GTX 970, which gives a high performance during cryptocurrency mining through a cloud-mining contract with Hashflare or Genesis Mining. In June 2017, NVIDIA launched GP104-100 and GP106-100 specially designed for cryptocurrency mining. NVIDIA Pascal GP106-100 GPUs are known as Mining Cards and are also used by Monero, ZCash, and Ethereum miners. The company has a well-established geographic footprint and mainly deals with major OEMs and ODMs spread worldwide. The company has invested substantial amounts in its R&D division. This has enabled it to achieve strong organic growth and a robust market position in terms of hardware product development pertaining to the cryptocurrency market.  

Advanced Micro Devices ranked second in the cryptocurrency market. The company offers GPU-based customized solutions for miners. In April 2017, AMD launched RX 580 and RX 570 for use in mining. The AMD RX 570, RX 580, and RX 500 provide a faster hash rate and are used to validate the blocks during the transaction. AMD spends ~24% of its revenue on research and development activities to enhance the design of the products and improve product performance, mainly focusing on delivering graphics processing unit intellectual property (GPU IP).

Related Reports:

Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, Storage & Wallet; and Software), Process (Mining and Transaction), Type, End User (Peer–to-Peer Payment, Remittance, E-Commerce, and Retail), and Geography - Global Forecast to 2023

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