The largest Chinese manufacturers of cryptocurrency mining equipment, including Bitmain, Canaan, and MicroBT, have begun building factories in the United States. This strategic move enables them to circumvent tariffs and simplify the distribution of their products to the local market, despite the presence of sanctions and escalating trade tensions. The combined market share of these Chinese companies accounts for approximately 90% of the global production of ASIC miners.
The American competitors, such as Auradine, are attempting to block the Chinese companies' access to the market by citing a 'geographical imbalance.' However, the Chinese business is adapting to this challenge by redirecting their focus to the domestic market or, in this case, by establishing their presence directly on the territory of their competitors.
According to forecasts, the market for cryptocurrency mining equipment is expected to grow to $12 billion by 2028, and the competition for this market is intensifying. The Chinese companies' decision to set up production in the United States is a strategic move to maintain their market dominance and stay ahead of their competitors in the face of increasing trade tensions and sanctions.