This collaboration was aimed to help AWS users to use Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently. In October 2018, Qtum Chain Foundation, based in Singapore, partnered with Amazon Web Services (AWS) China to deploy blockchain systems on the AWS cloud. With these advantages of blockchain and digital currency, companies are investing in cryptocurrency and collaborating with other companies to deliver efficient and quality services to the users. Blockchain technology offers decentralized, fast, transparent, secure, and reliable transactions. Moreover, digital currency is also often utilized with the integration of blockchain technology to attain decentralization and controlled efficient transactions. The increasing popularity of digital assets like Bitcoin and Litecoin is likely to drive market growth in the forthcoming years. Developing countries have started using digital currency as a financial exchange medium. The primary factor driving the market's growth is the growth of distributed ledger technology and rising digital investments in venture capital. The steady rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with cryptocurrencies witnessing a positive demand shock across all regions amid the pandemic. The global market size is inclusive of several cryptocurrency mining software such as Kryptex miner by Kryptex, Cudo Miner by Cudo Ventures, Nicehas Miner by NICEHASH Ltd., among others and mining hardware such as Antminer S19, WhatsMiner M30S+, AvalonMiner 1246, among others. Based on our analysis, the global market exhibited a significant growth of 10.0% in 2020 as compared to year-on-year growth during 2017-2019. The global cryptocurrency market size was valued at USD 826.6 million in 2020 and is projected to grow from USD 910.3 million in 2021 to USD 1,902.5 million in 2028, exhibiting a CAGR of 11.1% during the 2021-2028 period.
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