沙利文 - 2024區(qū)塊鏈硬件產(chǎn)業(yè)白皮書 White Paper for 2024 Blockchain Hardware Industry

WhitePaper

2024BlockchainHardwareIndustry

2024.09

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compilethecontentsofthisreportinanyway.AnyviolationofthesetermswillresultinFrost&Sullivanreservingtherighttotakelegalactionandho1ldthe

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EXECUTIVESUMMARY

Theglobalblockchainhardwareindustryisexperiencingrapiddevelopmentasblockchaintechnologybecomesincreasinglyintegratedintovarioussectors.Thiswhitepaperexploresthekeytrends,challenges,andopportunitiesintheblockchainhardwaremarket,particularlyinrelationtocryptocurrencymining,decentralizedapplications,andotherinnovativeusesofblockchaintechnology.Thereportoutlinestheindustry’scurrentstateandprovidesforward-lookinginsightsintoitsfutureevolution.

BlockchainHardware:ACornerstoneoftheDigitalEconomy

Blockchainhardwareservesasthebackboneofdecentralizedapplicationsandthebroaderdigitaleconomy.Fromcryptocurrencyminingtosecuringdecentralizednetworks,blockchainhardwareplaysacriticalroleinenablingtheoperationofthesetechnologies.Withcontinuousadvancementsinhardwareefficiencyandperformance,thissectorispoisedforsignificantgrowthastheadoptionofblockchaintechnologiesexpandsglobally.

TheExpansionofDecentralizedFinance(DeFi)andNFTMarkets

Theriseofdecentralizedfinance(DeFi)andnon-fungibletokens(NFTs)hasdrivendemandformorerobustandscalableblockchainhardware.Asthesemarketscontinuetoexpand,sodoestheneedforpowerfuldevicescapableofsupportingincreasedtransactionvolumesandsecuringdecentralizednetworks.ThewhitepaperexploreshowhardwareadvancementsareplayingapivotalroleinthegrowthofDeFiandNFTmarkets.

TheGlobalMarketOutlook:OpportunitiesandChallenges

Theglobalblockchainhardwaremarketisprojectedtoseesteadygrowthoverthecomingyears,drivenbyincreasedadoptionofblockchaintechnologyacrossvariousindustries.However,thereportalsoidentifieskeychallenges,includingregulatoryuncertaintiesandtheneedformoresustainableenergysolutions.Byunderstandingthesefactors,stakeholderscanbetterpositionthemselvestocapitalizeonemergingopportunities.2

2024BlockchainHardwareIndustryWhitePaper

Content

uChapterI:OverviewofGlobalBlockchainand

CryptocurrencyIndustry 4

uIntroductionofBlockchain 5

uPayoffPeriodofMiningMachines 7

uAnalysisofRegulationandPolicy 9

uChapterII:OverviewofGlobalBlockchain

HardwareIndustry 12

uDefinitionandClassificationofBlockchain

Hardware 13

uValueChainofBlockchainHardwareIndustry 16

uIntroductionofBitcoinMiningProcess 18

uASIC-basedBitcoinMiningHardwareIndustry 20

uCompetitiveLandscapeofASIC-basedBitcoin

MiningHardwareIndustry 22

uChapterⅢ:MarketTrendsandOpportunitiesof

BlockchainHardwareIndustry 24

uMarketTrends 25

?DecentralizedFinance(DeFi)Growth 26

?IncreasingAdoptionofCryptocurrencyand

CBDCs 27

?RiseofNFTsandDigitalAssets 28

?TechnologicalAdvancementsandGreen

Technologies 29

uFutureOpportunities 30

?EmergingMarkets 31

?IntegrationwithIoT 32

?ExpansionofBlockchain-as-a-Service(BaaS) 33

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Chapter1——

OverviewofGlobalBlockchainand

CryptocurrencyIndustry

Blockchain'sVersatileApplicationAcrossSectors

Introducedin2008,blockchaintechnologyisadecentralizedledgersystemthatenablessecure,transparenttransactionswithouttheneedforacentralauthority.Itsabilitytocreateimmutablerecordsinreal-timehasmadeitadaptableforawiderangeofsectors,includingcryptocurrency,financialservices,cloudcomputing,andcybersecurity,highlightingitsbroadpotential.

FactorsInfluencingBitcoinMiningProfitability

ThepayoffperiodforBitcoinminingmachinesisaffectedbymultiplefactors,includingmachineprice,hashrate,electricitycosts,andBitcoinmarketprices.Theexponentialgrowthintotalhashratehasincreasedcompetition,extendingthepayoffperiodforminers.Miningprofitabilityisfurtherinfluencedbyelectricityrates,withregionslikeTexasandWyomingofferinglowerratesthatenhancereturns.

DiverseRegulatoryApproachesImpactBlockchainGrowth

Differentcountrieshaveadoptedvaryingstancesonblockchainandcryptocurrencyregulation.MajormarketslikeChina,theU.S.,Sweden,SouthKorea,andSingaporeeachpresentuniquechallengesandopportunitiesbasedontheirregulatoryframeworks.Whilesomenationsencourageblockchaininnovation,othersimposestrictercontrols,influencingtheoveralldevelopmentofblockchain-relatedbusinessesglobally.

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Chap1.1

IntroductionofBlockchain

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2024BlockchainHardwareIndustryWhitePaper

IntroductionofBlockchain

BriefExplanationofBlockchain

Blockchain,whichdebutedin2008,isadistributedledgertechnologydesignedtorecordbothfinancialandnon-financialtransactionsinvolvingitemsofvalue.Itfunctionsasadistributeddatabase,compilingrecordsintoblocks,eachstampedwithatimestampandlinkedtotheprecedingblock.Oncedataisenteredintoablock,itbecomesimmutable,preventingany

alterationortampering.Thistechnologyoperatesinreal-timeandbypassestheneedforacentralauthorityorthird-partyfinancialinstitutiontovalidatetransactions.Itenableseachnodetogenerateunchangeablerecords,ensuringtransparent,peer-to-peertransactionsthataresecure,efficient,anddevoidoftheneedfortrust.Owingtoitsextensivebenefits,blockchaintechnologyisadaptableforuseacrossamyriadofsectors,includingcryptocurrency,payments,financialservices,cloudcomputing,andcybersecurity,tomentionafew.

DecentralizedFinance(DeFi):Blockchainsupportsarangeoffinancialservices,suchasloansandinsurance,accessiblegloballywithouttraditionalfinancialinstitutions.

DirectandSecureTransactions:Blockchainallowsfordirecttransfersofdigitalassetsovertheinternetwithoutintermediaries,facilitatingrapid,low-costtransactions.Itensuressecuritythroughimmutabledatarecording,makingitnearlyimpossibleforthetransactiondatatobealteredorhacked.

PrivacyandAccessibility:Thetechnologyoperatesasadecentralizednetwork,accessibletoanyonewithaninternetconnection.Transactionsonblockchaindonotrequirepersonaldetails,safeguardingagainstidentitytheft.

AdvancedApplications:Blockchainsupportssmartcontractsthatautomaticallyexecutewhenconditionsaremet,enhancessupplychaintransparencybyverifyingproducthistories,andenablesassettokenizationforeasiertrading.

IntegrityandTransparency:Itoffersrobustsolutionsfordeliveringtrustedhistoricaldataandcanpotentiallytransformvotingsystemsbyprovidingasecure,transparent,andtamper-proofvotingmechanism.

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Chap1.2

PayoffPeriodofMiningMachines

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2024BlockchainHardwareIndustryWhitePaper

PayoffPeriodofMiningMachines

PayoffPeriodCalculationFactors

ThepayoffperiodforBitcoinminingmachinesisdeterminedbyseveralcriticalfactors,includingthepriceofthemachine,itshashrate,electricitycosts,Bitcoinmarketprices,thetotalnetworkhashrate,andtheminingdifficulty.

FactorsInfluencingPayoffPeriod

HashRateof

ElectricityBills

Machine

PriceofMiningMachine

Bitcoin

Market

Price

DifficultyFactor

TotalHashRate

User’sMining

TwoKeyCalculationFormulas

AsthedemandforBitcoinincreases,thetotalhashratehasseenexponentialgrowth,leadingtoreduceddailyrevenueandalongerpayoffperiodforminers.Tocalculatepayoffperiod,twokeyformulasareused.ThefirstformulacalculatesdailyrevenuebasedonfactorssuchastheBitcoinmarketprice,thehashrateofthemachine,andelectricitycosts.Thesecondformuladeterminesthepayoffperiod,indicatinghowlongitwilltakefortheminingmachinetogenerateenoughrevenuetocoveritsinitialcost.

CalculationofDailyRevenue

DailyRevenue=-DailyUtilityCostPayoffperiod=

ElectricityRatesImpact

Bitcoinmarketpriceisaffectedbydemandandsupplyandtotalhashrateisexponentiallyrisingthesedays,thusreducingdailyrevenueandlengthenthepayoffperiodofBitcoinminingmachine.TheutilitycostwithminingactivitiesinstateslikeTexas,Wyoming,Washington,andKentuckyrangesfromUSD0.1perKWHtoUSD0.12perKWH.Somecertainareashaveevenlowerpowercosts.

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Chap1.3

AnalysisofRegulationandPolicy

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2024BlockchainHardwareIndustryWhitePaper

RegulationandPolicyindiferentCountries

RegulationandPolicyOverview

Differentcountriesandjurisdictionshaveexpressedvariousattitudestowardsblockchainandcryptocurrencies.SomeofthekeycountrieswherecryptocurrencyminingandtradinghaveseenthehighestactivityincludethePRC,theUnitedStates,Sweden,SouthKoreaandSingapore.ThesecountriesrepresentsomeoftheCompany'skeyinternationalmarkets,eachofferinguniqueopportunitiesandchallengesbasedontheirregulatoryenvironments,technologicalinfrastructure,andeconomicconditions.Thevaryingattitudestoward

cryptocurrenciesintheseregionssignificantlyimpactthegrowthanddevelopmentofblockchain-relatedbusinesses,withsomecountriesencouraginginnovationandothersimplementingstrictercontrols.

RegulationandPolicyinmainBitcoinJurisdictions(1/2)

Jurisdiction

AnalysisandObservations

ThePeople’s

Republicof

China

Cryptocurrenciesarenotconsideredlegalcurrencies,andcryptocurrencyexchangesareillegalinthePRC.TheNoticeonRegulatingtheMiningActivitiesofCryptocurrencyissuedbyNationalDevelopmentandReformCommissionofChinain2021,requireslocalgovernmentstofigureoutexistingminingprojectstolimittheirpowersupply,acceleratetheexitofexistingprojects,andprohibitinvestmentsfornewlyminingprojectsinChina.Inaddition,theNoticeonFurtherPreventingandAddressingtheSpeculationRiskofVirtualCurrencyTransactionsissuedbythePeople'sBankofChina,clearlystatesthatcryptocurrenciessuchasBitcoinandEthereumdonothavethesamelegalstatusaslegalcurrencies,andrelevantbusinessactivitiesareconsideredasillegalfinancialactivities.AndoverseascryptocurrencyexchangesprovidingservicestodomesticresidentsthroughtheInternetarealsocharacterizedasillegalfinancialactivities.

TheUnitedStatesofAmerica

Cryptocurrenciesarenotconsideredlegaltender,butcryptocurrencyexchangesarelegalintheUnitedStatesandfallundertheregulatoryscopeoftheBankSecrecyAct(BSA).DespitecourtdecisionsstatingthatBitcoincanbeusedasmoneyandtheCommodityFuturesTradingCommission(“CFTC”)hasdesignatedBitcoinasacommodity,theSecuritiesandExchangeCommission(SEC)hasissuedinvestoralertstowarnagainstBitcoinfraudulentinvestmentschemes.TheU.S.DepartmentofTreasury’sFinancialCrimesEnforcementNetworkhasalsoissuedguidelinesinstructingmoneytransmitterstoenforceAnti-MoneyLaundering(AML)andKnowYourClient(KYC)measures.

TheInternalRevenueService(IRS)classifiesvirtualcurrencies("VCs),includingBTCasdescribesVirtualCurrencies(VCs)as“adigitalrepresentationofvaluethatfunctionsasamediumofexchange,aunitofaccount,and/orastoreofvalueanddoesnothavelegaltenderstatusinanyjurisdiction.”

Sweden

SwedenisinfavorofBitcoinrelatedbusinessesandusers.Finansinspektionen,Sweden’sFinancialSupervisoryAuthoritytaketradeinBTCasafinancialserviceandsubjecttoitsauthority.SverigesRiksbank,Sweden’scentralbank,considersBTCasanassetonly,butnotasacurrency.TheSwedishTaxAgencyhasgivenapreliminaryrulingonValueAddedTax(VAT)onBitcoins,statingthattradesinBitcoinsarenotsubjecttoSwedishVAT,butareinsteadsubjecttotheregulations.

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2024BlockchainHardwareIndustryWhitePaper

RegulationandPolicyindiferentCountries

RegulationandPolicyinmainBitcoinJurisdictions(2/2)

Jurisdiction

AnalysisandObservations

SouthKorea

CryptocurrenciesarenotconsideredlegaltenderinSouthKorea,butcryptocurrencyexchangesarelegalandthecountryisakeyplayerintheBitcoinindustry.SouthKoreahasgenerallysupportedthegrowthofblockchainandcryptocurrencywhileimplementingregulatorymeasures.InDecember2017,thegovernmentexpresseditswillingnesstofacilitatethegrowthofblockchaintechnologyandcryptocurrencyandstatedthatevaluationoftheregulatoryframeworkforcryptocurrencytradingisstillundergoing.InMarch2021,thegovernmentintroducedlegislationrequiringexchangestoshareaccountinformationwithbankstostrengthenAnti-MoneyLaundering(AML)practices.Thegovernmentinitiallyplannedtoimposea20%taxoncryptoprofitsexceeding2.5millionwonstartinginJanuary2023,butthishasbeenpostponedto2028.

Iceland

CryptocurrencyminingactivitiesarelegalinIceland.Icelandhasbeencautioustowardscryptocurrencybusiness,especiallytradingbusiness,topreventcapitaloutflow.TherewasnoauthorizationinIcelandtopurchaseortransferforeigncurrencyonthebasisoftransactionswithcryptocurrency.However,in2017,thegovernmentamendedtheforeignexchangerules,andgrantedwideandgeneralexemptionsfromtherestrictionsoftheForeignExchangeActNo.87/1992,showingsignsofeasingrestrictionsofcryptocurrencytradingactivities.Moreover,inSeptember2018,theFinancialSupervisoryAuthority(FME)announcedthefirstregistrationofacryptocurrencyexchange,whichfeaturestwotradingpairs:ISK(IcelandicKrona)/AUR(Auroracoin),andBTC/ISK.

Singapore

Cryptocurrenciesarenotconsideredaslegaltender,butcryptocurrencyexchangesarelegalinSingapore.Thetaxauthorityconsiderscryptocurrencyas“goods”,andleviesGoodsandServicesTaxoncryptocurrencies.However,fromJanuary1,2020,Singaporeexempteddigitalpaymenttokens(likeBitcoin)fromGSTtopromotethefintechindustry.TheMonetaryAuthorityofSingapore(MAS)hasissuedwarningsabouttherisksofcryptocurrencyinvestments.In2022,MASintroducedguidelinestocurbpublicadvertisingofcryptocurrencyservices,reinforcingitscautiousstancewhileallowingthesectortogrowwithinacontrolledenvironment.

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Chapter2——

OverviewofGlobalBlockchain

HardwareIndustry

ExpandingApplicationsofBlockchainHardware

Blockchainhardware,traditionallydominatedbycryptocurrencymining,isevolvingbeyondminingintonewsectorslikedecentralizedstorage,InternetofThings(IoT),andedgecomputing.Thisshiftreflectsthegrowingdemandforsecure,decentralizeddataexchangeacrossvariousindustries,leveragingblockchain’suniquecapabilitiesforenhancingtransparencyandefficiency.

ValueChainComplexityandInfrastructureGrowth

Theblockchainhardwareindustryinvolvesacomplexvaluechain,fromhardwaresupplierslikeASICmanufacturerstominingfarms,pools,cryptocurrencyexchanges,andpaymentprocessors.Thisinterconnectedsystemsupportsthegrowinginfrastructurerequiredforlarge-scaleminingoperations,whichareincreasinglycentralizedinfacilitiesthatoptimizeefficiencythrougheconomiesofscale.

VolatilityandGrowthintheASICMiningHardwareMarket

ThemarketforASIC-basedBitcoinmininghardwarehasexperiencedfluctuationsdrivenbyBitcoin’spricevolatility.Whiletherewasaslightdeclinefrom2018to2023,themarketisexpectedtoreboundsignificantly,reachingUSD11.9billionby2028withastrongCAGRof15.3%,assumingcontinuedBitcoinpriceincreases.Thisgrowthhighlightstheongoingimportanceofefficient,high-performancemininghardwareinsustainingtheblockchainnetwork.

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Chap2.1

DefinitionandClassificationof

BlockchainHardware

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2024BlockchainHardwareIndustryWhitePaper

DefinitionandClassificationof

BlockchainHardware

DefinitionofBlockchainHardware

Blockchainhardwarereferstoelectronicdevicesdesignedtosupportandfacilitatetheoperationofblockchaintechnologies,enablingtheexecutionofvariousblockchain-relatedfunctions.Typically,blockchainhardwarehasbeenpredominantlyusedforcryptocurrencymining,whereownersarerewardedwithspecificcryptocurrenciesforcontributingcomputingpower,storage,bandwidth,orotherresourcestothenetwork.High-performancedevices,suchasASICminers,

continuetodominatethisarea.

Inaddition,themarketisevolving,andblockchainhardwareisincreasinglybeingutilizedinotheremergingapplications.Theseincludedecentralizedstorageandcalculationsolutions,suchasGolem,thatharnessidlecomputingpower.Additionally,blockchainhardwareisgainingtractionintheInternetofThings(IoT)andedgecomputingsectors,whereitensuressecureandtransparentdataexchangebetweendevicesthroughblockchaintechnology.

IoTblockchainplatformconceptualscenario

ProposedIoTBlockchain

Platform

令

IoTNetwork

令

IoTDevice1IoTDevicen

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2024BlockchainHardwareIndustryWhitePaper

DefinitionandClassificationofBlockchainHardware

ClassificationofBlockchainHardware

MiningHardware

Mininghardwareisspecificallydesignedforminingcryptocurrencies,withfourmaintypesbeingASICs,GPUs,FPGAs,andCPUs,eachtailoredfordifferentperformanceneeds.However,beyondthesephysicalmachines,manyprofessionalsarenowoptingforcloudminingservices,whichallowthemtominecryptocurrencieswithoutthehassleofmanagingandmaintainingtheirownhardware.

ASICMiningHardware

MininghardwarewithASICchipsaspreferredprocessorsdeliversspecializedcomputingpowerforefficientcryptocurrencymining.Designedforspecifictasks,ASICsaremorepowerfulandcost-effectiveforcertaincryptocurrencies,buttheirspecializationlimitsflexibilitytothosetheyweredesignedfor.

GPUMiningHardware

UnlikeASICs,whichtargetspecificcryptocurrencies,GPUminingmachinesareversatile,capableofminingabroaderrangeofcoins.Thisflexibilityallowsminerstoadapttovariousblockchainnetworksasmarketconditionschange.However,GPUs'general-purposedesignmakesthemlessenergy-efficient,resultinginhigherelectricitycostsandlowerhashingpower.

CPUandFPGAMiningHardware

CPUandFPGAminingmachinesmakeupasmallpercentageoftheoverallmarket.DuetotherelativelylowcomputingefficiencyofCPUs,theyarerarelyusedinmodernblockchainnetworksformining.

OtherHardware

Otherblockchain-relatedhardwareincludesdevicessuchasblockchainrouters,smartphones,publicandprivatekeystoragesystems,andothersmartdevices.Thesetechnologiesintegratewiththedevices’featurestoenabledecentralizedtransactions,enhancingsecurity,transparency,andefficiency.Byleveragingblockchain,thesedeviceshelpreducefraudandimprovetransactionintegrity,drivingnewapplicationsindecentralizedfinanceandsupplychainmanagement.

BlockchainRouter

StorageSystem

Smartphone

SmartDevice

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Chap2.2

ValueChainofBlockchainHardwareIndustry

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2024BlockchainHardwareIndustryWhitePaper

ValueChainofBlockchainHardware

Industry

TheBitcoinindustryiscomposedoffivemajorsegments:hardwaresupply,miningfarmandminingpooloperation,trading,andpaymentprocessing.Hardwaresuppliers,suchasCanaan,whichwasthefirstBitcoinmininghardwarecompanytogopublicandrankedsecondintermsofcomputingpowersoldamongallBitcoinhardwareprovidersfortheyearendingDecember31,2023,areprimarilyinvolvedintheICdesign,manufacturing,andsalesofminingmachines.Thissegmentplaysacrucialroleinthe

industry'sinfrastructure,providingthespecializedequipmentnecessaryforefficientcryptocurrencymining

Miningvenuestypicallyrefertophysicalsiteswhereoperatorsoffercustodialservicesforcustomers'mininghardware.Thesevenueshavebecomeincreasinglyimportantasthescaleofminingoperationsgrows,requiringsignificantinfrastructureandenergyresources.Theoperationofminingpools,ontheotherhand,involvescoordinatingthecollectivecomputingpowerofminers,enablingthemtoshareresourcesandsplitminingrewardsmoreevenly.Thisapproachhelpsindividualminersreducethevolatilityoftheirearningsandincreasestheirchancesofsuccessfullyminingblocks.

Tradingservicesareprovidedbycryptocurrencyexchanges,whichfacilitatethebuyingandsellingofcryptocurrenciesforconsumers.TheseexchangesarecriticaltotheliquidityandpricediscoveryofBitcoinandotherdigitalassets,influencingmarketdynamicsonaglobalscale.

PaymentservicesareprovidedbyBitcoinpaymentprocessors,enablingmerchantsandbusinessestoacceptBitcoinpaymentsfromcustomersforgoodsandservices.ThissegmentisessentialforintegratingBitcoinintothebroadereconomy,allowingforitsuseasamediumofexchangeanddrivingadoptionamongawideraudience.

ValueChainofBitcoinIndustry

UpstreamMidstreamDownstream

Hardwaresupply

Mining

Transaction&Payment

Payment

?ICdesign

?Software

?Hardware

?Final

products

Transaction

Operation

ofmining

pool

Establishmentofminingfarm

ProcessBitcoin

Peer-to-peer

payments

Overthecounter

Cryptocurrencyexchanges

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Chap2.3

IntroductionofBitcoinMiningProcess

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2024BlockchainHardwareIndustryWhitePaper

IntroductionofBitcoinMiningProcess

BitcoinMiningProcess

Bitcoinminingisadecentralizedprocess,meaningnosingleentitycontrolsthenetwork,whichensuressecurityandtrustthroughagloballydistributedsystemofparticipants.MinersplayavitalroleinthedecentralizedBitcoinecosystem,wheretheyareincentivizedthroughblockrewardsandtransactionfees,paidinBitcoin,whiletheyvalidateandrecordtransactionsontheblockchain,ensuringthatalltransfersare

legitimateandirreversible.

Miningisintentionallyresource-intensive,withthedifficultyofpuzzlesadjustingevery2,016blocks(approximatelyeverytwoweeks)tomaintainasteadyrateofblockadditions,regardlessofthenumberofminers.ThismechanismnotonlyregulatesthereleaseofnewBitcoinbutalsoenhancesthenetwork’ssecuritybymakingitprohibitivelycostlyforanysingleentitytoaltertheblockchain.However,astheBitcoinmarkethasgrown,competitionamongminershasintensified,drivingthedevelopmentofincreasinglyadvancedandenergy-efficientminingequipment.Additionally,large-scaleminingoperationsareoftenhousedindedicatedfacilitiesthatleverageeconomiesofscale,utilizingvastamountsofhardwareandelectricitytomaximizetheirchancesofsolvingblocksandearningrewards.

BitcoinMiningProcess

Bitcoinminingisadecentralizedcomputationalprocess

CreatingNewBitcoins

ValidatingTransactions

Originatea

Bitcoinpayment

BroadcasttoValidatetheTransaction

NeighboringNodesandPropagate

AddedtotheBlockchain

Source:Frost&Sullivan

FindtheProof-of-WorkSolution

AggregateValidatedTransactions

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Chap2.4

ASIC-basedBitcoinMiningHardwareIndustry

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2024BlockchainHardwareIndustryWhitePaper

ASIC-basedBitcoinMiningHardware

Industry

TheASIC-basedBitcoinmininghardwaremarkethasshownafluctuatingtrend,primarilydrivenbyBitcoinpricemovements,asmanufacturerstypicallypriceproductsbasedona400-500daypaybackperiodforBitcoinmining.ThemarketsizeexperiencedaslightdeclinefromUS$3.2billionin2018toUS$3.1billionin2023,withacompoundannualgrowthrate(CAGR)of-0.8%,largelyduetoBitcoinpricevolatility.ThesignificantincreaseinBitcoinpricessincethesecondhalfof2020substantiallyboostedsalesrevenueforASIC-basedmininghardwarein2021.Similarly,inthesecondhalfof2023,anotherriseinBitcoinpri