Global cryptocurrency benchmarking study 2018

This is paving the way for the financialisation of mining. European Commission. This suggests that Chinese hashers have a competitive edge in the acquisition of mining machines explained mostly by the concentration of hardware manufacturers in China, leading to a shorter supply chain, easier business conduct e. Nearly two-fifths of those receiving local governmental support are based in China. Usage seems to vary with the geographic location of the service provider.

This suggests that APAC exchanges are primarily used for trading purposes. Stablecoins are becoming increasingly available. This is aligned with the rising value of transactions denominated in stablecoins. In , the 2nd Global Cryptoasset Benchmarking Study estimated the number of identity-verified cryptoasset users at about 35 million globally. While firms continue to serve users from their region of operations, North American, Middle Eastern and African companies appear to have a more geographically diversified clientele.

The composition of business and institutional clientele differs from region to region. Regulatory and compliance standards across the industry and geographies Just over two out of five surveyed firms are licensed or in the process of obtaining a license; these firms are primarily located in Europe. However, this should not be interpreted as these companies becoming fully KYC compliant as some KYC checks are only applied to a subset of consumers. This is a percentage points decline compared to our sample.

Firms that have undergone an independent audit are most likely to be operating out of Europe or the APAC region. Those who do have insurance plans are primarily insured against cybercrimes, professional errors, hazards, and loss or theft of private keys. This is partially explained by the fact that non-custodial systems are generally associated with greater development costs and timeline. Factors, such as availability of these financial products, regulatory clarity, and financial literacy, may explain these regional discrepancies.

Other key findings of the report include: The growth in FTE full time equivalent employment that followed the market frenzy has slowed considerably, with respondents across all market segments reporting a year-on-year growth of 21 per cent in , down from 57 per cent in However, not all firms are equal; individual firm employment data shows that a notable proportion of companies 26 per cent have sustained an annualised growth in employment level above 10 per cent over a three-year period.

On average 39 per cent of proof-of-work mining is powered by renewable energy, primarily hydroelectric energy. Globally, electricity price paid by hashers averages USD 0. Service providers operationally headquartered in North America and Europe indicate that business and institutional clients make up 30 per cent of their customers. Firms that have undergone an independent audit are most likely to be operating out of Europe or APAC.

Aligned with findings, new survey data shows that off-chain transactions, both in terms of volumes and numbers, continue to be dominated by fiat-cryptoasset trades and vice-versa , meaning that users primarily interact with service providers, such as exchanges, to enter and leave the cryptoasset market.

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