Gate Research’s newly released report, “Analysis of Trump’s Tariff Policy and Its Impact on the Bitcoin Mining Industry,” comprehensively analyzes how the “reciprocal tariff” policy announced in April 2025 affects various sectors of the Bitcoin mining ecosystem. The report focuses on three core segments—mining rig manufacturing, self-operated mining farms, and cloud mining—and systematically examines changes across supply chains, cost structures, geopolitical shifts, and stock performance. It also evaluates the potential risks and outlines how policy shocks could influence Bitcoin’s medium- to long-term price structure.

Key Takeaways:

• Policy Shock: Following the April tariff announcement, Bitcoin mining-related stocks experienced widespread declines—Canaan plunged 17.6% and Ebang dropped more than 11%, both exceeding the NASDAQ 100’s decline.
• Pressure on Mining Rig Manufacturers: Upstream foundries such as TSMC are under strain, and China-made mining rigs now face a 145% export tariff. The cost to mine one Bitcoin using flagship models like the S21 Pro could exceed $95,000.
• Divergence Among Self-Operated Farms: Large firms like Marathon and Riot, with strong cash flows, maintained a HODL strategy and saw relatively minor declines. In contrast, mid-sized players like Cipher and Hive, facing tighter liquidity, suffered steeper losses.
• Impact on Cloud Mining: The service-fee model offers built-in risk transfer—clients bear the volatility of Bitcoin prices. Platform profits remained largely unaffected, with BitFufu’s stock down only 5.9%.
• Shifting Bitcoin Network Landscape: High tariffs are accelerating the relocation of North American hashrate to the Middle East and Southeast Asia. With mining becoming more globally distributed, U.S. miners may see a temporary loss of dominance, while the rise of “mine-and-sell” strategies could exert downward pressure on prices.

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Investing in the cryptocurrency market involves high risk. It is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages from such investment decisions.

Gate.io Team
April 15, 2025

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