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Tariff policies trigger a reshaping of the Bitcoin mining landscape, with short-term Unfavourable Information but long-term stabilization.
Tariff Policies Reshape the Bitcoin Mining Landscape
In April 2025, the Trump administration announced a uniform "minimum benchmark tariff" of 10% on global trade partners, triggering turmoil in global markets. Bitcoin mining, as a capital-intensive industry reliant on hardware equipment and multinational supply chains, faced multiple shocks.
Different sectors are affected to varying degrees
Mining machine manufacturers are hit the hardest, with both upstream and downstream suffering blows. The cost of foundries has risen, and the willingness of American mining farms to purchase has decreased, leading to a shrinkage in orders.
Self-operated mining farms are mainly affected by supply-side factors, while the sale of Bitcoin has a smaller impact. Large mining farms are less affected by Bitcoin price fluctuations due to their holding strategy, while small mining farms are more severely impacted by the "mine and sell" approach.
The cloud computing power mining farm is minimally affected. Its leasing model can transfer costs to customers and does not directly bear the risk of Bitcoin price fluctuations.
The Impact of Restructuring the Mining Landscape on Bitcoin Prices
The rising costs for mining companies in the US may allow miners in other countries to take over. New entrants may adopt a "mine and sell" strategy, which could negatively impact Bitcoin prices in the short term.
In the long term, institutional investors such as IBIT and MicroStrategy have become dominant forces, expected to hedge supply-side pressure.
Summary
Tariff policies have reshaped the global Bitcoin mining landscape. Mining expansion in North America is restricted, and computing power is shifting to low-tariff regions. The price of Bitcoin is no longer the sole indicator; policy trends, geopolitical security, and other factors are becoming increasingly important.
In the short term, rising mining costs combined with "mining, withdrawing, and selling" behavior may pose marginal bearish pressure on Bitcoin prices. However, in the long run, the sustained buying power of institutional investors is expected to stabilize the market. Investors should closely monitor the evolution of policies and the rebalancing of the industry chain brought about by the migration of computing power.