Bitcoin mining stocks slip as investors weigh tariff exposure

With much of the bitcoin mining supply chain based in Asia, US-based operations now face higher equipment prices

April 3, 2025 04:31 pm

PHOTOCREO Michal Bednarek/Shutterstock and Adobe modified by Blockworks

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In terms of companies insulated from tariff announcements, one sector of the crypto industry that is decidedly not safe is bitcoin mining.

With much of the bitcoin mining supply chain based in Asia, US-based operations are going to face higher prices to get equipment onshore.

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Beijing-based Bitmain Technologies is the largest mining machine manufacturer, with a 90% market share, and it moved a large part of its production line to Indonesia, Malaysia and Thailand years ago, according to a Bloomberg report.

Imports from these countries to the US now come with levies of 24% to 37%, per Trump’s Wednesday Liberation Day announcement. Bitmain announced late last year it would open a “US production line,” presumably to get ahead of tariffs.

The tariffs also come on the heels of widespread supply chain delays in the bitcoin mining space. Mining equipment has just started to move out of US ports after being stuck for months at points of entry into the US.

Bitcoin mining stocks on Thursday took a hit. Marathon Digital Holdings was down more than 8% midway through today’s session. Riot Platforms and Core Scientific lost around 7% and 10%, respectively.

President Trump, on the campaign trail, touted making the US a hub for bitcoin mining.

“Made in America bitcoin,” though, now may be a tall order.

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