Key Takeaways
- Trump's push for U.S. Bitcoin mining targets China's dominance.
- Bitmain controls 90% of the Bitcoin mining hardware market.
- U.S. miners like Core Scientific and Marathon Digital are seeking alternative suppliers.
Donald Trump’s call for Bitcoin to be “mined, minted, and made” in the U.S. may threaten Bitmain’s grip on the Bitcoin mining industry, where they control nearly 90% of the market.
Bitmain’s dominance lies in their ability to produce top-tier mining rigs, which are vital for efficient Bitcoin mining.
However, Trump’s anti-China stance is pushing U.S. companies to seek alternatives.
New ASICs
Core Scientific, a major U.S. mining player, has placed orders with Jack Dorsey’s Block Inc., and Marathon Digital, another key player, is backing Auradine, which raised $80 million in April.
Bitmain has also shifted some production out of China, but still lacks a significant U.S. manufacturing presence.
The risk of further anti-China policies could block Bitmain from the U.S. market, changing the competitive landscape.
Fred Thiel, CEO of Marathon Digital, emphasized the importance of Bitmain’s latest mining equipment, saying it resets the competitive dynamic.
If Bitmain is sidelined, U.S.-based miners could benefit from new suppliers and a reduced reliance on Chinese technology.
