This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . In terms of companies insulated from tariff announcements, one sector of the crypto industry that is decidedly not safe is bitcoin mining. With much of the bitcoin mining supply chain based in Asia, US-based operations are going to face higher prices to get equipment onshore. Beijing-based Bitmain Technologies is the largest mining machine manufacturer, with a 90% market share, and it moved a large part of its production line to Indonesia, Malaysia and Thailand years ago, according to a Bloomberg report . Imports from these countries to the US now come with levies of 24% to 37%, per Trump’s Wednesday Liberation Day announcement. Bitmain announced late last year it would open a “US production line,” presumably to get ahead of tariffs. The tariffs also come on the heels of widespread supply chain delays in the bitcoin mining space. Mining equipment has just started to move out of US ports after being stuck for months at points of entry into the US. Bitcoin mining stocks on Thursday took a hit. Marathon Digital Holdings was down more than 8% midway through today’s session. Riot Platforms and Core Scientific lost around 7% and 10%, respectively. President Trump, on the campaign trail , touted making the US a hub for bitcoin mining. “Made in America bitcoin,” though, now may be a tall order. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam. Empire : Start your morning with the top news and analysis to inform your day in crypto. Forward Guidance : Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance. 0xResearch : Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more. Lightspeed : Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks. The Drop : For crypto collectors and traders, covering apps, games, memes and more. Supply Shock : Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
