Source: Cointelegraph Original: "{title}"
According to an industry executive, the new trade tariffs announced by U.S. President Donald Trump on April 2 may increase pressure on the Bitcoin (BTC) mining ecosystem both domestically and globally.
Although the U.S. is home to Bitcoin mining equipment manufacturers like Auradine, Braiins Chief Marketing Officer Kristian Csepcsar told Cointelegraph that it is currently "still impossible to localize the entire supply chain, including materials, in the U.S."
On April 2, Trump announced a series of tariffs, imposing a 10% tariff on all countries exporting to the U.S. and introducing "reciprocal" taxation against major U.S. trading partners.
Community members debated the potential impact of the tariffs on Bitcoin, with some believing the effects are exaggerated, while others see it as a significant threat.
Csepcsar stated that the mining industry is already facing difficult times and pointed to key indicators such as the BTC hash price.
The hash price—measuring the revenue miners earn daily per unit of hash power used to mine BTC blocks—has been declining since 2022 and fell to a historic low of $50 for the first time in 2024.
According to Bitbo data, as of March 30, the BTC hash price was still hovering around the historically low level of $53.
Bitcoin hash price since the end of 2013. Source: Bitbo
"The hash price is a key indicator for miners to understand their bottom line. It refers to how much a Terahash can earn per day. It is a critical profitability metric, and it is at a historic low," Csepcsar said.
He added that the Biden administration has already raised tariffs on mining equipment in 2024, citing comments from Summer Meng, General Manager of Taiwanese cryptocurrency mining supplier Bitmars.
Source: Summer Meng
"But under Trump's leadership, these restrictions have become stricter," Csepcsar added, referring to companies like China's Bitmain—the world's largest ASIC manufacturer—being affected by the new tariffs.
Trump's latest measures include an additional 34% tariff on mining imports from China, on top of the existing 20% rate. Reports indicate that China implemented retaliatory tariffs on April 4.
Csepcsar also noted that the cutting-edge chips currently used for cryptocurrency mining are primarily mass-produced in countries like Taiwan and South Korea, which are subject to new tariffs of 32% and 25%, respectively.
"The U.S. needs a decade to catch up in advanced chip manufacturing. So, companies, including those in the U.S., will be harmed in the short term," he said.
Source: jmhorp
Csepcsar also observed that some CIS countries, including Russia and Kazakhstan, are ramping up their mining efforts and may surpass the U.S. in hash power dominance.
"If we continue to see a trade war, these regions with lower tariffs and better mining conditions may experience significant prosperity," Csepcsar warned.
As the newly announced tariffs may harm Bitcoin mining globally and in the U.S., Trump may find it more challenging to fulfill his promise of making the U.S. a global leader in mining.
Over the years, Trump's stance on cryptocurrency has changed multiple times. As his administration embraces a more supportive agenda for cryptocurrency, it remains to be seen how these latest economic policies will affect his long-term strategy regarding digital assets.
Related: Bitcoin mining company Bitfarms secures up to $300 million loan from Macquarie
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