New import tariffs implemented by US President Donald Trump are significantly affecting the Bitcoin mining market in the country. Experts warn of potential negative consequences for this industry.
Introduction of Tariffs on ASIC Devices
Following the end of the 90-day tariff pause announced by Trump in April, new tariffs were imposed on ASIC devices from Indonesia, Malaysia, and Thailand, effective August 7th. The tariffs reach up to 21.6%, while the tariff on equipment from China remains unchanged at 57.6%.
Outlook for American Miners
According to Ethan Vera from Luxor Technology, the new tariffs have made the US an unattractive market for importing mining equipment. 'With tariffs of 21.6%, the US is now among the most uncompetitive countries for device imports. Our customers are shifting equipment purchases to countries with more favorable tariffs, such as Canada,' he stated.
Global Consequences of New Tariffs
Ethan Vera believes these tariffs will affect not only the US but also the global distribution of hash power. Countries with lower import costs, such as Russia, could become new destinations for Chinese capital and mining equipment.
The introduction of new tariffs on imported Bitcoin mining equipment could lead to a shift in interests within the industry, increasing demand for used equipment in the US and promoting the development of alternative markets in countries with lower tariffs.
