The 100% tariffs imposed by Trump on imported chips raise costs for cryptocurrency miners in the United States, affecting equipment prices and operations.
Leading mining stocks fell, with investors concerned about the likelihood of relocation abroad and delays in deploying new mining operations.
Tariffs may affect the decentralization of Bitcoin, as mining companies might move to countries with more favorable trade policies.
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Trump's tariffs on chips shock cryptocurrency miners in the United States
Trump's 100% tariffs on chips threaten profits and operations of cryptocurrency miners in the United States. Mining stocks fell as companies face rising equipment costs and the possibility of relocating abroad.
Market response and stock performance
President Trump announced 100% tariffs on imported chips and semiconductors on Wednesday. The tariffs only exempt companies that manufacture domestically in the United States. This move targets Asian manufacturing powers as part of a broader reshoring strategy.
Trump said, "If you make chips overseas, you will pay the price." The cryptocurrency mining industry heavily relies on ASIC chips manufactured in Asia. Countries like China, Malaysia, Thailand, and Indonesia dominate global production.
Leading mining stocks fell in after-hours trading following the announcement. Marathon Digital Holdings decreased by 0.13% to $15.87 per share. Riot Platforms fell by 0.69% to $11.58.
