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How Will the Customs Duties Imposed by Donald Trump Affect Bitcoin? It Could Be a Little-discussed Danger!
How will the customs duties that will soon come into effect in the US affect Bitcoin mining companies?
The new tariffs implemented by President Donald Trump are shaking the Bitcoin mining industry within the country.
Ethan Vera, the Operations Director of the U.S.-based mining service company Luxor Technology, stated in a statement that the White House's increased tariffs on ASIC devices imported from Southeast Asia could slow down the growth in the industry.
Following the end of Trump's 90-day suspension of customs duties announced in April under the "Day of Liberation", the White House implemented new tariffs corresponding to ASIC devices from Indonesia, Malaysia, and Thailand as of July 31. The customs duties that came into effect on August 7 foresee a total customs duty of up to 21.6% on mining devices imported from these countries. The customs duty of 57.6% on China has been kept fixed for now.
According to Vera, these new rates make the US an unattractive market for mining equipment.
"The US is now among the least competitive countries for device imports with a tax rate of 21.6%. Our customers are shifting equipment purchases to countries like Canada that have more favorable customs duties."
Additionally, it is thought that companies that currently have second-hand ASIC stocks in the USA may find themselves in an advantageous position in this environment. As local demand for used equipment increases, prices are expected to appreciate by over 20%.
On the other hand, Leo Lu, the CEO of BitFuFu, a Singapore-based publicly traded Bitcoin mining company, argues that US miners can remain competitive due to low energy costs and access to renewable resources, despite tariff pressures. BitFuFu continues to expand its operations through partnerships in states like Oklahoma, Texas, and Colorado.
Ethan Vera believes that Trump's 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 the new route for Chinese capital and mining equipment. Additionally, countries like Canada, Northern Europe, Ethiopia, Brazil, Argentina, Chile, and Paraguay are emerging as alternative hubs for investors.
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