In response to trade tensions, the world's leading Bitcoin mining machine manufacturers, all of Chinese origin, are establishing manufacturing operations in the United States. This strategic shift aims to mitigate the impact of tariffs imposed during the Trump administration's trade war. (Source: Reuters, Date: Undisclosed)
Bitmain, Canaan, and MicroBT, which collectively produce over 90% of the world's Bitcoin mining rigs, are leading this relocation. This move is intended to shield them from tariffs and address security concerns the U.S. has regarding China. (Source: Reuters, Date: Undisclosed)
Bitmain began U.S. production in December, following Trump's election win. Canaan initiated trial production to avoid tariffs after the April 2 announcement of levies. MicroBT is also implementing a localization strategy in the U.S. to avoid tariff impacts. (Source: Reuters, Date: Undisclosed)
The market for these mining rigs is estimated to be worth $12 billion by 2028. U.S. firms are also pivoting towards 'politically acceptable' hardware sources. (Source: Reuters, Date: Undisclosed)
Auradine, a U.S. rival backed by MARA Holdings, is lobbying to restrict Chinese supplies to stimulate competition. In December 2023, the top three manufacturers held 95.4% of the hardware market. (Source: Reuters, Date: Undisclosed)