US Implements 57.6% Tariff on Chinese Machines Affecting Bitcoin Miners
The United States has imposed new tariffs on Asian imports, with a 57.6% rate for Chinese machines and 21.6% for hardware from Indonesia, Malaysia, and Thailand, effective August 7, 2025. This move could expose US-based Bitcoin mining companies to liabilities exceeding $100 million as Customs and Border Protection (CBP) investigates imported equipment.
- CleanSpark estimates a potential tariff liability of $185 million related to its 2024 mining rigs
- IREN contests a $100 million claim from CBP
- Both companies are reviewing their supply chains and challenging CBP's claims
- American Bitcoin Corporation plans to purchase Antminer U3S21EXPH machines worth approximately $320 million from Bitmain to mitigate tariffs
Network Performance
The Bitcoin network hash rate has reached a record seven-day moving average above 970 EH/s, pushing mining difficulty to an all-time high of 129 trillion. The network is close to achieving the one zettahash-per-second milestone. However, miner margins are under pressure as hashprice remains below $60/PH/s, despite Bitcoin's spot price nearing $120,000.
- Transaction fee revenue for miners in July accounted for less than 1% of total block rewards
- The largest public miners—MARA, IREN, CleanSpark, and Canaan—mined 19.07% of all block rewards in July
Stock Performance
Market performance among Bitcoin miners varies:
- TeraWulf shares surged 50% due to a HPC deal backed by Google
- Bitfarms gained 23.3%, while IREN and Hut 8 rose 12.2% and 9.7%
- Canaan, MARA, and CleanSpark experienced double-digit declines
The evolving tariff regime introduces significant uncertainty for US Bitcoin miners, particularly those reliant on imported machinery. Companies may face financial recalibrations regarding hardware sourcing and operational expansion as the US looks to alter the sector's supply chain.