The three best-selling makers of Bitcoin (BTC) mining machines in the world are reportedly setting up their manufacturing hubs in the US.
Reuters reports that Bitmain, Canaan and MicroBT, the Chinese firms behind over 90% of the global mining rigs that produce Bitcoin, are establishing their US bases to avoid the sweeping tariffs imposed by the Trump administration.
Bitmain, the largest of the three by sales, started producing US mining rigs in December as a strategic move following Trump’s victory in the November presidential election.
Canaan began its trial production in the US following the announcement of the so-called Liberation Day levies as an exploratory initiative to avoid import duties.
The third-ranked MicroBT says it is actively implementing a localization strategy to avoid the impact of tariffs.
Meanwhile, the US-based Bitcoin mining startup Auradine is pushing to restrict Chinese hardware supplies to boost competition.
The firm’s chief strategy officer, Sanjay Gupta, says that while over 30% of Bitcoin mining takes place in North America, more than 90% of the mining hardware comes from China, which represents a major imbalance of geographic demand and supply.
Gupta says thousands of Chinese mining rigs are also connected to the US electrical grids, which he says poses a security risk, but Canaan senior executive Leo Wang says the mining rigs do not threaten security because they are useless if not applied to Bitcoin mining.
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The post Top Chinese Bitcoin Mining Companies To Set Up Shop in US To Avoid President Trump’s Tariffs: Report appeared first on The Daily Hodl.
The three best-selling makers of Bitcoin (BTC) mining machines in the world are reportedly setting up their manufacturing hubs in the US. Reuters reports that Bitmain, Canaan and MicroBT, the Chinese firms behind over 90% of the global mining rigs that produce Bitcoin, are establishing their US bases to avoid the sweeping tariffs imposed by
The post Top Chinese Bitcoin Mining Companies To Set Up Shop in US To Avoid President Trump’s Tariffs: Report appeared first on The Daily Hodl. Bitcoin, BTC, China, mining, News, tariffs
This articles is written by : Nermeen Nabil Khear Abdelmalak
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