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.
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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).
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