Bitmain has long held a dominant position in the Bitcoin mining hardware market, controlling over 75% of the global ASIC (Application-Specific Integrated Circuit) market share since launching its first Antminer in 2013.

This market power stems from Bitmain’s ability to leverage economies of scale, allowing it to produce hardware at lower costs while securing a steady supply of chip wafers from semiconductor foundries.

The Antminer S19, S19j Pro, and S19XP models have become central to the Bitcoin network, but new competition is steadily encroaching on Bitmain’s dominance. In 2024, Bitmain’s S21 series entered the market, yet other manufacturers such as MicroBT, with their Whatsminer series, and Canaan are making significant strides with advanced mining technologies.

New entrants such as Auradine Inc. and Bitdeer, which recently acquired DesiweMiner, have also started to chip away at Bitmain’s share. However, competing ASIC manufacturers face significant challenges, including high R&D costs and the need to secure large quantities of chip wafers, critical for scaling their production capabilities .

Despite these rising challenges, Bitmain’s established foothold in the industry will likely keep it at the forefront for some time. As Nico Smid aptly stated in his post, “While Bitmain’s dominance in the mining hardware market is facing increased competition, it will likely be some time before the industry leader is dethroned.” The industry is watching closely as these dynamics evolve in the rapidly advancing Bitcoin mining space .