Bitcoin miners in the U.S. are pulling back after the government added new taxes on mining machines from Southeast Asia.
🛠️ What’s New?
Starting August 7, a 19% tariff will apply to mining machines from Indonesia, Malaysia, and Thailand, raising total import taxes to 21.6%.
📉 What This Means
U.S. miners are buying less equipment.
Many are turning to Canada, where taxes are lower.
The U.S. is becoming less attractive for mining.
🌎 Global Shift
Ethan Vera (Luxor Technology) says if this continues, Russia could rise as a major player in Bitcoin mining.
🧾 In Short:
High import taxes = slowdown in U.S. mining, and a shift to Canada and Russia.
#Bitcoinmining #UStariffs🔥 #CryptoNewss #BinanceSquare #ASICM
