The Bitcoin mining industry in the U.S. is tightening under import taxes on equipment of Chinese origin, while Polkadot establishes a capital markets unit to attract institutional capital, and China is rumored to be considering a stablecoin pegged to the yuan; concurrently, companies continue to heavily accumulate Ether.
The past week’s developments indicate that the trade war has extended to Bitcoin mining equipment, institutional capital is accelerating through ETFs, corporate treasury, and tokenized real assets, while the stablecoin market has seen mixed policy signals between the U.S. and China.
MAIN CONTENT
CBP sends tax invoices to U.S. miners; CleanSpark and IREN estimate tax risks of $185 million and $100 million, respectively, with an effective tax rate of 57.6%, while a family-backed venture of Trump imports 16,000 Bitmain machines without additional fees.
Polkadot launches Polkadot Capital Group in the Cayman Islands to connect institutions with DeFi, staking, and tokenized real assets, leveraging positive legal signals in the U.S.
Reuters reports that China is considering a stablecoin pegged to the CNY; in terms of treasury, SharpLink purchases an additional 143,595 ETH, bringing the total to 740,760 ETH; BitMine leads with 1.52 million ETH.
How are import taxes impacting Bitcoin miners in the U.S.?
U.S. listed miners like CleanSpark and IREN warn of potential tax liabilities of $185 million and $100 million, respectively, after receiving invoices from CBP due to equipment classified as of Chinese origin and subject to an effective tax rate of 57.6% under the new tax schedule.
The Miner Mag reports that CBP has identified several mining machines of Chinese origin, triggering higher tax rates. With a rate of 57.6%, the impact on capex is significant, potentially eroding profit margins and extending payback periods. The Miner Mag's data also shows that transaction fees have fallen below 1% of block rewards, increasing revenue pressure.
"Mining revenue is still under pressure, as transaction fees have dropped below 1% of block rewards."
The Miner Mag, Research Report, 08/19/2025, The Miner Mag
What do production trends and transaction fees reflect?
In July, IREN and Mara Holdings both mined over 700 BTC, while CleanSpark and Cango surpassed 600 BTC each, amidst transaction fees dropping below 1% of block rewards.
Stable output indicates that capacity is being maintained, but an unfavorable revenue structure forces miners to optimize electricity and hardware costs. As import taxes rise sharply, expansion plans may be delayed or purchasing configurations adjusted, especially for equipment with 'Chinese origin' risk in U.S. customs classification.
Company Estimated Tax Liability July Output Source CleanSpark $185 million > 600 BTC The Miner Mag IREN $100 million > 700 BTC The Miner Mag Mara Holdings – > 700 BTC The Miner Mag Cango – > 600 BTC The Miner Mag
Why is a family-backed venture of Donald Trump not subject to additional taxes?
A mining venture backed by the family of former President Donald Trump has received over 16,000 mining machines from Bitmain (China) without incurring additional taxes, contrary to the trend faced by listed miners.
Details of the exemption mechanism have not been disclosed. Possible differences could arise from the timing of import, HS code classification, specific origin points, or documentation proving origin conversion. This is a customs technical issue that often causes disputes and may change when CBP reviews, so companies need to prepare transparent origin documentation to mitigate risks.
What is the goal of Polkadot's capital markets division?
Polkadot launches Polkadot Capital Group in the Cayman Islands to attract institutional investors into the ecosystem, reflecting a cross-industry effort to connect with Wall Street amid positive legal signals in the U.S.
According to Polkadot, the new division will showcase use cases from DeFi, staking to tokenized real assets, while supporting traditional institutions in exploring opportunities in asset management and banking services. With a market capitalization of around $6 billion, Polkadot is betting on the wave of asset digitization to expand its institutional customer base.
How will Polkadot Capital Group support institutional investors?
The focus is on connecting institutional demand with DOT infrastructure: staking mechanisms, atomic asset transfers across chains, and deploying RWA on the Polkadot network.
On a broader scale, asset tokenization is seen as the main driving force behind the digital capital market. BCG and ADDX estimate that the scale of tokenized assets could reach $16 trillion by 2030 (BCG, 2022). The establishment of a capital markets unit by Polkadot helps streamline processes, standardize compliance, and build products that fit institutional appetites.
What does China's consideration of a stablecoin pegged to the CNY mean?
Reuters cites sources saying Beijing is considering allowing the development of a stablecoin pegged to the yuan to expand the currency's role in global trade, marking a potential reversal from the tightening phase nearly four years ago.
This move comes as the U.S. has just passed the GENIUS stablecoin bill and the circulating supply of stablecoins exceeds $288 billion, mostly pegged to the USD. If China 'gives the green light', the stablecoin landscape could become less dependent on the USD, but many questions remain about the regulatory model, compatibility with e-CNY, and anti-money laundering frameworks.
What could change if the CNY stablecoin is approved?
A stablecoin pegged to the CNY could promote cross-border payments in trade with China and partners, reducing remittance costs and settlement times.
However, the challenge lies in compliance standards, capital flow control, and integration with banking infrastructure. Issuers must meet reserve, reporting, and international compliance requirements. Policy enforcement will determine the speed and scope of market acceptance.
Why are companies accumulating Ether as treasury assets?
SharpLink, a sports betting company, has purchased an additional 143,595 ETH as prices approached historical highs, valued at $667.4 million according to management filings, increasing total holdings to 740,760 ETH (approximately $3 billion at current prices).
However, BitMine is the largest holder of treasury ETH with a recent purchase of 373,000 ETH, bringing the total to 1.52 million ETH, valued at around $6.5 billion. Although ETH corrected last week, this asset has still increased nearly 200% since the April low, reflecting expectations for institutional demand, application ecosystem, and staking yield stories.
How are major companies allocating ETH?
Two major transactions clarify the trend of viewing ETH as a strategic treasury asset: SharpLink accumulates gradually, while BitMine leads in holding scale.
Company Holdings Volume Estimated Value New Developments Source SharpLink 740,760 ETH ≈ $3 billion Purchased an additional 143,595 ETH valued at $667.4 million Management filings; X of SharpLink BitMine 1.52 million ETH ≈ $6.5 billion Recently purchased 373,000 ETH Public filings
What risks and opportunities should investors monitor next?
Three axes to monitor: the execution of taxes by CBP with mining equipment, the direction of the stablecoin pegged to the CNY of China, and the speed of institutional participation in assets like DOT, ETH, and RWA.
Regarding risks, import taxes could inflate the costs of upgrading mining infrastructure in the U.S. Regarding opportunities, positive legal signals and specialized units like Polkadot Capital Group could bridge blockchain products to the right institutional distribution channels, especially in the context of accelerating asset tokenization.
Frequently Asked Questions
What type of equipment is subject to the 57.6% tax?
The Miner Mag reports that CBP accuses several mining machines of Chinese origin, thus imposing an effective tax rate of 57.6% under the revised White House tax schedule. Companies need to verify HS codes and origin to assess risks.
Where is Polkadot Capital Group located and who is it targeting?
The unit based in the Cayman Islands targets institutional investors, focusing on DeFi, staking, and tokenized real assets. The goal is to help financial institutions access opportunities on the Polkadot blockchain.
Has China approved the stablecoin pegged to the CNY?
Not yet. Reuters reports that Beijing is considering opening up to a stablecoin pegged to the CNY as part of a strategy to expand the currency's role in global trade.
Why is SharpLink buying more ETH at high prices?
Records show that SharpLink views ETH as a strategic treasury asset and continues to accumulate despite prices approaching highs. This move parallels the trend of institutions increasing exposure to ETH.
How much has ETH increased since the April low?
ETH remains one of the standout assets, increasing nearly 200% since the April low, despite a correction last week.
Source: https://tintucbitcoin.com/tho-dao-chiu-thue-blockchain-hut-phowall/
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