Trump's Tariff Announcement Impacts Bitcoin Mining Industry

According to Foresight News, U.S. President Donald Trump's recent announcement of increased tariffs is affecting the Bitcoin mining industry. Many large mining companies are based in the United States, while their supply chains are located in Asia. Beijing-based Bitmain Technologies has production lines in Indonesia, Malaysia, and Thailand. Lin, the hardware director at Luxor Technology, a Bitcoin mining software and services company, stated that she had to transport approximately 5,600 Bitcoin mining machines from Thailand to the United States in less than 48 hours. On Wednesday, Trump announced that starting April 5, a minimum 10% tariff will be imposed on all goods exported to the United States. Additionally, extra tariffs will be levied on the 60 countries with the largest trade imbalances with the U.S. Thailand and Malaysia will face stricter tariffs of 36% and 24%, respectively, effective April 9.