Luxor COO: Trump's tariff reforms will squeeze the US Bitcoin mining market
PANews reported on August 7th that Luxor Technology COO Ethan Vera stated, according to The Block, that the growth of US Bitcoin mining machines will slow as the White House imposes high import tariffs on Southeast Asian mining machines. Vera stated that US operators are exploring overseas expansion, while manufacturers are increasing domestic production capacity to serve the market.
Following the expiration of a 90-day tariff suspension announced by President Trump during his "Liberation Day" trade reforms in April, the White House finalized new reciprocal tariffs on major mining hardware manufacturing centers on July 31st. The latest tariffs, which took effect on August 7th, include a 19% reciprocal tariff on ASICs imported from Indonesia, Malaysia, and Thailand, bringing the total tariff on imports from these countries to 21.6%.
Luxor, a Bitcoin mining technology and services company, operates a mining pool and provides ASIC brokerage services, custom firmware, and computing power derivatives. Although the United States is its largest market, Luxor still serves mining companies in 32 countries. The company's chief operating officer stated that tariffs have reduced demand from American customers and have shifted mining machines to countries with more favorable import policies, such as Canada. "We generally expect that U.S. economic growth will slow, which will cause mining machines to flow to overseas markets with more favorable import tariffs," said Vera. "The 21.6% tariff makes the United States currently one of the least competitive jurisdictions for importing mining machines, and miners are also considering Canada and other markets as expansion channels."
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