Bitmain, Canaan and MicRont-which together produce most of the circuits referred to by Bitcoin mining worldwide, or ASICs-are bringing production to the US, according to a Reuters Wednesday Wednesday report.
The Shift come in response to heavy reward tariffs imposed in China By US president Donald Trump. Tariffs to the present Stand up At 25% of imported products from China, after previously over 100%.
An April Study By the University of Cambridge shows that Bitmain is responsible for 82% of Bitcoin (Btc) ASIC Production, MicRont for 15%, and Canaan about 2%, which gives three companies a combined 99%part of the global market.
“The digital mining hardware market shows an oligopolistic structure, with the top three manufacturers – the Bitmain, MicRont, and Canaan – which regulates more than 99% market sharing,” the study read.
Related: Trump tariffs are forcing Bitcoin’s miners – Braiins Exec Exec
Geopolitical impact on bitcoin mining
Being bitcoin as a global network, this is not the first time geopolitics play a role in mining in the first cryptocurrency in the world. Hashlabs mining CEO Jaran Mellerud said in early April That the sweeping of the Trump administration’s tariffs could lead to a collapse in the US demand for bitcoin mining rigs.
According to Mellerud, tariffs will benefit from mining operations outside the US, as manufacturers will see that they sell their excessive inventory abroad at a lower cost. However, in an emerging US Bitcoin industry, these companies have decided to enter the country as a way to reduce the economic impact of tariffs.
It remains to be seen if US -based production will produce Bitcoin mining asics at a price comparable to those made in China.
Magazine: China’s US Stablecoins threatened, G7 urged Lazarus Group: Asia Express
