The Bitcoin mining chip and hardware industry represents a $20 billion total addressable market over the next five years, according to analysts at research and brokerage firm Bernstein.

The Bitcoin mining hardware market has been historically dominated by China-based companies such as Bitmain, with over 80% market share, Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients on Tuesday. However, the launch of new mining chips in the U.S. by Block and Auradine presents an opportunity to diversify the supply chain, compete on advanced chip design and provide access to global foundry fabrication capacity, the analysts said.

Earlier this month, Block, co-founded by former Twitter CEO Jack Dorsey, announced an agreement to supply Core Scientific with its new …