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The Trump administration’s sweeping tariffs could collapse US demand for mining rigs and subsequently slash Bitcoin miner costs outside of the US, says Hashlabs Mining CEO Jaran Mellerud.
“As machine prices rise in the US, they could paradoxically decrease in the rest of the world,” the Bitcoin mining executive wrote in an April 8 report.
US Currently 40% Of Global Bitcoin Hashrate
Mellerud said that the US is a major player in the Bitcoin ASIC (application-specific integrated circuit) machine market, and that the US currently accounts for 40% of the global Bitcoin hashrate.
The mining executive subsequently predicted that the recent tariffs announced by President Donald Trump will lead to a 22-36% increase in the cost of the imported machines in the US.
That could make operations financially unsustainable, considering how “cost-sensitive” the Bitcoin mining industry is, the mining executive added.
“The demand for shipping machines to the US is set to plummet, likely nearing zero,” Mellerud wrote. This will leave manufacturers with excess stock that was intended for the US market.
In order to offload the surplus, they will have to lower prices to attract buyers in order regions, he added.
Trump Says Countries Are ”Kissing My Ass” For Trade Deals
Mellerud’s report comes as the Trump administration escalates the global trade war by doubling down on its imposed tariffs on imported goods. Just yesterday, Trump pushed tariffs on China goods to over 100% after Beijing refused to withdraw its retaliatory tariffs.
That was after the Trump administration announced a 10% baseline tariff on imported goods from all countries on April 2.
Speaking at the National Republican Congressional Committee (NRCC) dinner on April 8, Trump said that countries are “kissing my ass” to make a trade deals following the series of tariffs that recently came into effect.
BREAKING: Donald Trump right now:
And don’t let some of these politicians…let me tell you. These countries are calling me, kissing my ass, they are dying to make a [trade] deal…”please please sir let me make a deal, I’ll do anything, I’ll do anything sir.” pic.twitter.com/p7c7kDNZTB
— unusual_whales (@unusual_whales) April 9, 2025
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