Bitcoin Miners Under Pressure as Trump’s Trade War Escalates Tariffs on Mining Equipment

American Bitcoin miners are grappling with soaring operational costs as the Trump administration’s heightened tariffs on Asian-sourced mining equipment squeeze profit margins. With Chinese imports now taxed at 54% (up from 25%) and rates from Southeast Asian producers like Thailand and Malaysia jumping to 20-30%, the sector faces intensified strain. Compounding the challenge, China’s retaliatory 84% tax on U.S. goods exacerbates the financial burden on domestic miners. This trade war escalation threatens to erode the competitiveness of U.S.-based operations amid an already volatile crypto market.

Bitcoin: Trump’s Trade War Hits American Miners Hard

American Bitcoin miners are facing increased costs due to heavy tariffs imposed by the Trump administration on mining equipment from Asia. The tariffs, which have risen from 25% to 54% for Chinese imports and from 2% to over 20-30% for other key producers like Thailand, Malaysia, and Indonesia, are undermining the competitiveness of local players in an already strained sector. This comes as China imposes an 84% tax on American products, prompting the White House to retaliate with a 125% surcharge on Chinese imports, adding to the existing 20% for a total increase of 145%.

Binance Co-Founder CZ Predicts Bitcoin To Hit $1 Million

After weeks of struggling, Bitcoin has jumped to $85k. In a recent interview in Pakistan, where he was named the strategic advisor for the Pakistan Crypto Council, Changpeng Zhao, the co-founder and former CEO of Binance, predicted that Bitcoin will eventually hit $1 million. CZ also discussed the future of crypto, youth adoption, and the role governments might play in the coming years.

Fed’s Potential Money Printing: Implications for Bitcoin

When Federal Reserve official Neel Kashkari hinted at possible measures to provide more liquidity to the market, Crypto X interpreted this as a potential vow to print more dollars. If the Fed indeed takes such action, the implications for Bitcoin could be significant. However, it remains unclear if the Fed will indeed add liquidity, as officials continue to stress caution regarding ongoing tariff issues. The Fed wants to observe the results of negotiations between the U.S. and other countries before taking any action. Meanwhile, U.S. CORE CPI Inflation has fallen below 3% for the first time in four years, potentially paving the way for the Fed to resume interest rate cuts in June. Despite this, the Fed remains satisfied with the current situation.

Billionaire Draper Doubles Down on Bullish Outlook for Bitcoin

Billionaire Tim Draper has reminded market onlookers of his position on unconventional emerging technologies like cryptocurrencies. The head of Draper Associates recalls how his firm was among the first to believe in Bitcoin when traditional market players were skeptical. His assertion comes as Bitcoin corrects upwards, reclaiming the $83,529 price mark, despite escalating U.S.-China trade wars.

Delhi Woman Recovers $35,000 After Falling for Bitcoin Scam

A woman from Delhi Township lost $41,750 to a cryptocurrency scam where scammers convinced her to convert her money into Bitcoin after claiming her computer was hacked. However, thanks to the quick efforts of the Delhi Township Police and the Ohio BCI’s Electronic Financial Investigations Unit, she successfully recovered about $35,000 of the stolen funds. The money was extorted through a Bitcoin fraud targeting the elderly, and the transactions were done using a Bitcoin ATM. This marks a significant success for the cyber teams in Ohio.