US Bitcoin Miners Prepare for Business Disruptions Due to China Tariffs
Trade tensions have raised equipment costs for U.S. Bitcoin miners, prompting some firms to consider shifting operations abroad or sourcing hardware locally as a stopgap.
Bitcoin (BTC) miners in the United States are preparing for business disruptions as the trade war between the US and China continues.
On Thursday, April 9 the White House announced that the 125 % import tax on China was in addition to a 20 % tariff that President Trump imposed for China’s role in supplying fentanyl to the US. President Trump clarified that he has raised tariffs on Chinese goods by a total of 145 % since taking office.
Bitcoin Miners Face Increasing Buildout Costs
While Trump’s newly enforced tariffs with China are having a major impact on the S&P 500, Bitcoin miners are also being hit hard.
The US is heavily reliant on Bitcoin mining hardware produced in Southeast Asia, especially by companies like Bitmain, MicroBT, and Canaan.
On April 2, Trump’s hiked tariffs also placed levies on Thailand, Indonesia and Malaysia. These regions are home to some of the largest mining rig manufacturers.
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