The recent tariffs imposed by President Donald Trump on the imports of Canada, China and Mexico are expected to have a different impact on the cryptocurrency mining areas in these countries.
We And China
The US has announced 25% tariffs on Canadian and Mexican imports and 10% tariff on Chinese goods, according to effective February 1, 2025, associated Press,
While these tariffs mainly target traditional industries, the cryptocurrency sector may experience indirect effects.
Why is it here: Most American mining hardware is imported, making miners weak for changes in business policies or tariffs affecting these major suppliers.
And the increased cost of imported mining hardware can lead to high operational expenses for American miners who mainly source their gears from international suppliers. Bitman and Canaan are located in Beijing and Hangzo, China respectively. They are the largest manufacturer of ASIC (application-specific integrated circuit) miners and GPU (graphics processing units).
HSINCHU-based Taiwan Semiconductor MFG. The company produces semiconductor chips used in mining rigs, which is sour by companies such as Bitman.
Microbi, which is located in Shenzhen, China, is an American segment that produces domestic mining hardware. Therefore, the company – which Participation The riot manufactures miners in a feature with platforms ink and in a feature in Pittsburgh, Pennsylvania-can avoid some import duty on Chinese products.
Canada And mexico retaliation
Canada has been an important player in global bitcoin mining, in which the global hash rate is different over time. By September 2023, Canada Allegedly The global bitcoin mining is about 7% of the hash rate.
In response to the US tariff, Prime Minister Justin Trudeau said he “would not return to stand for Canada” and implemented 25% tariff on American goods. towards BBC,
Mexican President Claudia Shinbam also announced an anti -anti -counter tariff on Saturday, 1 February, in response to 25% tariff on all goods from Mexico on Saturday, 1 February.
Expressing the desire of dialogue on conflict, Shinbaum Stated That Mexico had no choice, but a trade war increased due to tension between the two countries.
“I have instructed my economy minister that to implement the scheme we are working on, which includes tariffs and non-tariff measures in protecting the interests of Mexico,” Shinbam posted on X.com Did.
As Horizon Grand View ResearchMexico’s cryptocurrency mining hardware is expected to reach an estimated revenue of $ 99.9 million by 2030.
In summary, while the direct effect of tariffs on cryptocurrency mining in these countries may be limited, the comprehensive economic impact for imported equipment and increased costs can affect the region.
The entire limit of these effects will depend on the period of trade dispute and whether it is resolved. Till then, it appears that the value of bitcoin (BTC) is taking a hit. See the chart given below.
