Author: TechFlow
On April 2nd at 4 PM Eastern Time, Trump signed an executive order to implement a comprehensive reciprocal tariff policy, imposing at least 10% tariffs on all imported US goods starting from April 5th, and raising tariffs on approximately 60 trading partners, including the EU and China, starting from April 9th.
This move triggered global market turbulence. After negotiations with multiple countries, Trump announced on April 9th that he would suspend these tariffs for 90 days, but simultaneously raised tariffs on Chinese export products to a staggering 125%.
The volatile tariff policy has been swaying global stock markets, with the crypto market continuously declining. Moreover, behind these tariffs lies a potential cost storm for the US Bitcoin mining industry.
On April 13th, the US CBP website released the "Specific Product Reciprocal Tariff Exemption Guide", with 20 commodity codes receiving tariff exemptions, but the chip models required by mainstream mining machines are not currently included in the specific CBP categories.
With tariffs rising and subsiding, can the US Bitcoin mining industry catch a momentary breath, and where will it drift?
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"Tit for Tat", US Mining Enterprises Trapped in Mud
[The rest of the translation follows the same professional and accurate approach, maintaining the original meaning while translating to English.]To beat the tariff policy before it takes effect, Kulyk and Lin both stated that they are "scrambling" to accelerate shipping mining machines produced overseas to the United States.
"Ideally, we can charter a plane to bring the machines over - just being as creative as possible to get the machines out." After the Trump administration announced a 90-day pause on April 9, the cost pressure on US Bitcoin mining enterprises eased, and their stock prices gradually recovered.
The tariff stick was raised high, sweeping away the embarrassment before seemingly being gently put down. But has this wind truly passed, or is it brewing a new storm?
Panic, Relocation?
Impacted by the tariff policy's massive cost blow to US mining companies, the Bitcoin hash price (an indicator measuring mining profitability) on April 7, 2025, dropped below $40 per hour/second, hitting a new low since September 2024. Although the market warmed up after Trump's 90-day pause announcement on April 9, the Bitcoin hash price still hovered around $44 per hour/second, remaining at a low level since 2025.
Hansen stated that "most miners consider $40 their bear market," and he has communicated with many mining companies who are "uncertain about what to do".
According to TheMinerMag, the $40 figure means many miners' operational costs are at or below the break-even point.
The total tariff cost of new machines imported from China rising to three digits has caused pain for US miners. However, beyond tariffs, Bitcoin price fluctuations, continuously decreasing fees, and rising network difficulty will lead to "declining profitability, slowed mining enterprise growth, and potential consolidation, closure, or hash rate migration from the US," Braiins CEO Eli Nagar said in an interview.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]"From an economic perspective, Canada will actually become a more attractive place to do business. Corporate taxes are expected to decrease. Capital gains tax will also be lowered. Canada's economic growth promotion is significant, especially in the data center field," Kulyk also believes that Northern Europe might become a target for expanding hash rate. In the future, miners may find opportunities of several thousand megawatts in parts of South America and Africa, Vera said.
The 90-day pause period is both a buffer and a countdown. The tax hurricane sweeps through, and US miners stand at a crossroads of choice. How many miners will grit their teeth and hold their domestic positions, and which mining enterprises are planning a global migration?
The tariff ghost has not dissipated, hanging like a Damocles sword over US miners' heads. The exemption period's countdown ticks away, order changes in silence, and the torrent of computing power never looks back.
Reference Articles:
https://www.coindesk.com/tech/2025/04/10/how-bitcoin-miners-are-adjusting-to-trump-s-tariffs-blockspace
https://store.bitbo.io/blogs/mining/country
https://cn.cointelegraph.com/news/trumps-tariffs-lower-bitcoin-miner-price-outside-us
https://www.dlnews.com/articles/markets/trump-sons-launch-american-bitcoin-mining-with-hut-8/
https://www.newsbtc.com/news/bitcoin-mining-in-the-u-s-4-states-attract-the-most-miners/
https://www.theminermag.com/learn/2022-09-08/bitcoin-mining-wikipedia-glossary
https://www.bloomberg.com/news/articles/2025-04-03/tariffs-threaten-to-upend-bitcoin-mining-supply-chain-mara-riot
https://share.foresightnews.pro/article/detail/82090
https://www.editverse.com/zh-CN/%E6%AF%94%E7%89%B9%E5%B8%81%E5%93%88%E5%B8%8C%E7%8E%87/
https://news.marsbit.co/flash/20230928021623518179.html
https://cointelegraph.com/news/texas-home-nearly-30-percent-bitcoin-hash-rate-foundry
https://medium.com/foundry-digital/foundry-usa-pool-hashrate-by-state-f9dc92e7bc3b
https://hashrateindex.com/blog/top-10-bitcoin-mining-asic-machines-of-2025-2/
https://www.findhs.codes/hs-code-for-bitcoin-mining-machine?locale=zh_CN
https://content.govdelivery.com/bulletins/gd/USDHSCBP-3db9e55?wgt_ref=USDHSCBP_WIDGET_2
https://bitcoinmagazine.com/print/the-future-of-bitcoin-mining-is-distributed
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