#比特币与美国关税政策

The high computing power in the United States represents a strong demand for cryptocurrency mining machines, but the U.S. is not a major producer of these machines; instead, they are primarily obtained through imports. Therefore, in the cryptocurrency mining ecosystem, the main upstream suppliers affected directly by tariff policies are those involved in raw material supply, assembly, and sales of mining machines. Among these, raw material supply includes chips, materials, and other components. As a major component of mining machines, chips mainly come from Samsung in South Korea and TSMC in Taiwan, while related materials are primarily supplied by manufacturers in China and Southeast Asia. Regarding the assembly of mining machines, due to factors like labor costs, China and Southeast Asia undertake the vast majority of the assembly work because of their cheap and abundant labor force. However, these countries and regions are all listed as areas subject to reciprocal tariffs, with tariffs from Cambodia, Laos, Vietnam, and others approaching 50%. Such enormous tariffs will create a lose-lose situation for U.S. cryptocurrency miners and mining machine manufacturers: on one hand, tariffs will directly increase the import prices of mining machines, compressing the market for manufacturers in the U.S. and weakening their profitability in this major market. For an already slowing mining machine manufacturing industry, this is akin to another heavy and lasting blow. On the other hand, these tariff costs will also be passed on to U.S. cryptocurrency miners, significantly increasing their operating pressure. Especially considering that since Bitcoin prices have continued to decline from the peak of $100,000, various cryptocurrencies have consistently dropped in value, and the profit margins for different cryptocurrency miners have already significantly decreased. If mining machine prices rise, some miners may face situations where their expenses exceed their income, forcing them to shut down their mining operations. Furthermore, if the number of miners, as blockchain nodes, decreases excessively, the efficiency and security of the blockchain will also be threatened, fundamentally negatively impacting the entire cryptocurrency industry.

Excerpt from the Automatic District News