Bernstein analysts say the market for bitcoin mining chips and hardware could reach $20 billion over the next five years. The market for bitcoin mining hardware has historically been dominated by Chinese companies such as Bitmain, with a market share of more than 80 per cent, according to a report. However, the new chips launched by Block and Auradine in the US herald opportunities to diversify supply chains and provide opportunities for competition in advanced chip designs and access to global contract manufacturing capabilities.