New tariffs implemented by US President Donald Trump are shaking up the Bitcoin mining industry within the country. Ethan Vera, Chief Operating Officer of US-based mining services company Luxor Technology, warned that the White House's heavier tariffs on ASIC devices imported from Southeast Asia could slow growth in the sector. Following the expiration of the 90-day tariff pause announced by Trump in April for “Liberation Day,” the White House implemented new tariffs on ASIC devices from Indonesia, Malaysia, and Thailand, effective July 31st. The tariffs, which took effect on August 7th, impose a total tariff of up to 21.6% on mining devices imported from these countries. The 57.6% tariff on China has been held steady for now. According to Vera, these new rates make the US an unattractive market for mining equipment: “With tariffs of 21.6%, the US is now among the most uncompetitive countries for device imports. Our customers are shifting equipment purchases to countries with more favorable tariffs, such as Canada.” Related News: Reactions Grow to SEC's Statement Concerning Many Altcoins! Former SEC Chairman Gensler's Chief Advisor Likens It to the Biggest Crash, Warns Furthermore, companies already holding used ASIC stocks in the US are believed to be at an advantage in this environment. As local demand for used equipment increases, prices are expected to appreciate by over 20%. Meanwhile, Leo Lu, CEO of Singapore-based publicly traded Bitcoin mining company BitFuFu, argues that despite tariff pressures, US miners can remain competitive thanks to low energy costs and access to renewable resources. BitFuFu continues to expand its operations through partnerships in states like Oklahoma, Texas, and Colorado. Ethan Vera believes Trump's tariffs will impact not only the US but also the global distribution of hash power. Countries with lower import costs, such as Russia, could become new destinations for Chinese capital and mining equipment. Additionally, countries like Canada, Northern Europe, Ethiopia, Brazil, Argentina, Chile, and Paraguay are emerging as alternative hubs for investors. *This is not investment advice. Continue Reading: How Will Donald Trump’s Tariffs Affect Bitcoin? There May Be a Danger That Is Not Being Discussed Much
