Opinion: Trump’s Tariffs Squeeze US Bitcoin Miners, Growth Set to Slow for Mining Firms

According to a report by The Block cited by Jinse Finance, Luxor Technology COO Ethan Vera stated that U.S. Bitcoin miners are bracing for slower growth following the White House’s imposition of steep reciprocal tariffs on Bitcoin mining machines from Southeast Asia. The new tariff rates, effective August 7, will include a 19% reciprocal tariff on ASIC miners from Indonesia, Malaysia, and Thailand, bringing the total import tax rate for these countries to 21.6%. These tariffs have already led to reduced demand from U.S. customers, with mining machines now flowing to countries with more relaxed import policies, such as Canada. With a 21.6% tariff, the U.S. has become one of the least competitive regions for importing mining machines, prompting miners to consider expanding into Canada and other markets. Ethan Vera predicts that if the tariffs fully impact the industry’s supply chain, Russia will become a major beneficiary, the global mining hashrate landscape will begin to shift, and growth in the U.S. will slow down.