Bitcoin mining faces the impact of tariff policies, the industry landscape may be reshaped

In early April 2025, the Trump administration announced a uniform 10% "minimum baseline tariff" on global trading partners, triggering a severe shock to global risk assets. As an industry heavily reliant on hardware and with a wide-ranging global supply chain, Bitcoin mining became one of the most directly affected sectors in the crypto economy.

The impact on mining machine manufacturers is most evident, with Canaan Creative and Ebang International experiencing declines of over 17% and 11% respectively in the past month. This is mainly due to tariff pressures on both the supply and demand sides of mining machine production: upstream chip foundries may raise prices, while downstream U.S. mining farm procurement costs have risen sharply.

Self-operated mining farms are mainly affected by the supply side, and the segment selling Bitcoin to exchanges is less affected by tariffs. Large mining farms like Marathon have resisted some of the price volatility risks of Bitcoin through a hoarding strategy. However, due to funding constraints, small and medium-sized mining farms may be forced to adopt a "mine and sell" strategy, intensifying market selling pressure.

The cloud computing power mining farms are relatively less impacted. Their leasing model allows the mining machine costs to be transferred to the customers, and the income is mainly driven by the overall network computing power. Data shows that at the beginning of April, the overall computing power of Bitcoin not only did not decrease but increased, breaking through 1 ZH/s for the first time.

Tariff policies may reshape the global Bitcoin mining landscape. Rising costs for domestic mining operations in the United States provide opportunities for enterprises in other countries. However, in the long term, institutions represented by BlackRock's IBIT and MicroStrategy still hold the pricing power of Bitcoin, and their continued buying is expected to hedge against supply pressure.

Overall, Bitcoin mining is at a critical juncture of policy reshaping and structural transition. Companies need to reassess policy risks and pay attention to multiple factors such as geopolitical layout and energy dispatch. Investors should closely monitor the policy evolution and the industry chain rebalancing brought about by hash power migration.

![The impact of cost and supply chain disruptions, in-depth interpretation of tariff policies on Bitcoin mining](https://img-cdn.gateio.im/webp-social/moments-350e75e44a2049a0625220e30bae1956.webp01