U.S. Bitcoin Mining Faces Slowdown Amid New Tariffs

According to BlockBeats, Luxor Technology's Chief Operating Officer Ethan Vera has indicated that U.S. Bitcoin miners are bracing for a slowdown following the White House's imposition of high reciprocal tariffs on Bitcoin mining machines from Southeast Asia. The new tariff rate, effective August 7, imposes a 19% reciprocal tariff on ASIC mining machines from Indonesia, Malaysia, and Thailand, raising the total import tax rate for these countries to 21.6%. The tariffs have led to a decrease in demand from U.S. customers, with mining machines now being directed to countries with more lenient import policies, such as Canada. With the 21.6% tariff, the U.S. has become one of the least competitive regions for importing mining machines, prompting miners to consider expansion into Canadian and other markets. Ethan Vera anticipates that if the tariffs significantly impact the industry's supply chain, Russia will emerge as a major beneficiary, potentially reshaping the global mining power landscape and slowing growth in the United States.