When China cracked down on the crypto industry in 2021, many Bitcoin miners set up shop in the U.S. instead. The move paid off as a mix of cheap energy and deep capital markets saw the U.S. become the world’s leader in Bitcoin production and, following the election of pro-crypto President Donald Trump, American miners’ future seemed brighter than ever. In April, all of that changed.
That’s because, even as the U.S. took the lead in production, American miners continued to rely heavily on machines from Asia—machines that are now subject to hefty tariffs as high as 36% as Trump aims to choke off overseas imports.
