While the market is dominated by the idea that Donald Trump's victory in the November 2024 elections will be a turning point for Bitcoin, it is also thought that it may trigger the BTC rally.
At this point, Bernstein analysts, who think that Trump will trigger the rally in Bitcoin, expect the market value of the Bitcoin mining chip and hardware sector to reach 20 billion dollars in the next five years, following Trump's BTC promises.
According to The Block, Bernstein analysts believe that Trump's promise to produce the remaining Bitcoins in the US, turn the US into a “Bitcoin mining superpower” and provide more electricity generation capacity for the industry is a threat to US Bitcoin miners and mining. sees it as a wind of support for the sector.
Therefore, analysts predict that the market value of the Bitcoin mining chip and hardware industry will reach $20 billion in the next five years.
Analysts said that the Bitcoin mining market has historically been dominated by China-based companies such as Bitmain with over 80 percent market share, but this situation is slowly changing with Trump's promises and new agreements.
Analysts cited the agreement between Jack Dorsey's digital payment company Block and Bitcoin miner manufacturer Auradine as an example of this change.
“To date, the mining market has historically been dominated by China-based companies such as Bitmain, with over 80% market share.
“However, the launch of new mining chips in the US by Block and Auradine and their diversification of the supply chain presents an opportunity to compete in US advanced chip design.”
Analysts listed four large-scale mining companies that could be partnered with to help the US dominate the mining industry: Riot Platforms, CleanSpark, IREN and Core Scientific.
*This is not investment advice.
