New US Bitcoin Mining Hardware Creates $20B Opportunity, Could Disrupt China's Mining Dominance: Bernstein
Portfolio Pulse from Murtuza Merchant
A new report by Bernstein highlights a $20 billion revenue opportunity in Bitcoin mining hardware over the next five years, driven by new U.S.-based players like Block and Auradine. This could disrupt the dominance of Chinese companies like Bitmain, MicroBT, and Canaan (NASDAQ:CAN). Block has partnered with Core Scientific (NASDAQ:CORZ) to develop advanced 3nm mining ASICs, while Auradine, backed by Marathon (NASDAQ:MARA), is shipping its AT1500 Teraflux miners. The increased competition is expected to benefit U.S. miners with improved efficiency and reduced costs.
July 30, 2024 | 5:08 pm
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NEGATIVE IMPACT
Canaan (NASDAQ:CAN) is one of the Chinese companies historically dominating the Bitcoin mining hardware market. The entry of new U.S. players like Block and Auradine could disrupt this dominance.
Canaan has been a major player in the Bitcoin mining hardware market. The entry of new U.S. competitors could reduce its market share and impact its revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Core Scientific (NASDAQ:CORZ) has partnered with Block to develop advanced 3nm mining ASICs, which could significantly improve mining efficiency and reduce costs for U.S. miners.
The partnership with Block to develop advanced 3nm mining ASICs positions Core Scientific to benefit from improved mining efficiency and reduced costs, enhancing its competitive edge.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Marathon (NASDAQ:MARA) backs Auradine, which is shipping its AT1500 Teraflux miners designed with 3nm ASIC chips. This could enhance Marathon's mining operations with better energy efficiency.
Auradine's new 3nm ASIC chips could provide Marathon with more energy-efficient mining hardware, improving its operational efficiency and reducing costs.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85