The US will impose a minimum 10% tariff on all exporters starting Apr. 5. Additional levies will follow on Apr. 9, including 36% on Thailand and 24% on Malaysia.
President Donald Trump's new tariff plan is set to disrupt the bitcoin mining sector, particularly in Asia.
The administration will place a minimum 10% tariff on all exporters beginning Apr. 5. Additional levies will follow on Apr. 9, including 36% on Thailand and 24% on Malaysia.
Bitcoin mining firms are scrambling to respond. Luxor Technology is attempting to ship 5,600 mining machines from Thailand to the US before the tariffs take effect.
"Today we're just trying to manage the situation," said Lauren Lin, head of hardware at Luxor.
The industry heavily relies on ASICs, and US-listed companies such as MARA Holdings (NYSE:MARA) and CleanSpark Inc (NASDAQ:CLSK) saw stock declines after the news.
Bitmain Technologies, which produces mining equipment in Southeast Asia, will also be subject to a 34% tariff on Chinese products.
While companies like MicroBT are expanding production in the US, experts say it may not be sufficient.
Tariffs on key components could increase capital expenses for North American miners. The market is cooling, and the new trade measures are adding pressure.
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