China’s biggest crypto hardware manufacturers are redrawing their maps. Faced with mounting U.S. tariffs on tech imports, Bitmain, Canaan, and MicroBT — firms that collectively dominate over 90% of the global bitcoin mining rig market — are moving parts of their production to the United States.
Bitmain began assembling rigs in America shortly after Trump’s re-election, a move soon echoed by Canaan and MicroBT, both seeking to bypass the 30% import tax now levied on Chinese tech. Canaan described the U.S. venture as exploratory, citing the unpredictability of ongoing trade policies. MicroBT confirmed its own pivot, calling it a “localization strategy.”
But these shifts go beyond tariff avoidance. Chinese mining machines are increasingly viewed as potential security liabilities in the U.S. With Washington growing wary of foreign tech plugged into domestic infrastructure, Chinese firms are trying to stay in the game by becoming more “American-friendly.”
Guang Yang of Conflux Network called the trend a structural shift in crypto’s supply chain — a move away from geopolitically sensitive sources. Sanjay Gupta of Auradine warned that relying on China-made rigs to power North American mining farms poses long-term risks. In his view, the imbalance between where miners operate and where the hardware comes from is unsustainable.
Canaan pushed back against those concerns, arguing that mining devices serve no purpose beyond securing the Bitcoin network. Still, recent U.S. sanctions — like those targeting Bitmain’s AI division — show that Chinese tech is under increasing scrutiny, no matter the use case.
Despite China’s 2021 crypto ban, its hardware dominance remained intact thanks to early scaling and cutting-edge chip design. While firms like Canaan relocated their headquarters to Singapore and expanded into U.S. production, they still depend on their manufacturing base in China — a base now under pressure.
Trump, who’s positioning himself as a “crypto president,” has backed initiatives like a national Bitcoin reserve. But ironically, the hardware to fuel those ambitions still comes from companies he’s targeting with tariffs. The U.S. wants to lead in crypto — but it still depends on its chief rival to build the machines that make it possible.
South Korea’s Financial Services Commission (FSC) is drafting a proposal to support the launch of spot crypto ETFs, aiming for release in the second half of 2025.
Even with fresh conflict in the Middle East and a less-than-dovish Federal Reserve outlook, Bitcoin has spent more than five weeks trading comfortably above $100,000.
Bitdeer Technologies, a Bitcoin mining firm based in Singapore, is gearing up to raise $330 million through a fresh offering of senior convertible notes maturing in 2031.
Bitcoin’s recent surge to $109,000 has been overshadowed by renewed conflict in the Middle East, with heightened tensions between Israel and Iran putting pressure on the market.