t stockHe traded at the top of Bitcoin Mining Company on Thursday the day after US President Donald Trump rattles the market with global tariffs.
American miners, including Hive Digital, CleanSpark, Riot Platforms and Bitdeer, all traded 6-8% lower during New York time on Thursday morning.
Other US Bitcoin miners, such as Core Scientific and Mara, fell by more than 11% and 8% respectively.
The price drop comes after Trump, who is crypto-friendly, has said it will impose a 10% baseline tariff on all imports and higher duties into the US, including the 34% rate in China, which manufactures most mining equipment, and will place a high duties on the country’s largest trading partners. The US has already collected 20% tariffs on many Chinese products.
And there could be more pain, Wolfie Zao, director of research at Mining Trade Publications, told them Decryption. “Operationally, tariffs certainly affect mining companies that rely heavily on ASIC manufacturers in China for future growth,” he said.
“If mining economics is already shrinking, an increase in capital costs means a longer return on investment in the environment.”
The industry, based primarily in the US, has struggled over the past few weeks due to the price of Bitcoin falling, but has had to consider the dramatic increase in mining difficulty and small-scale rewards that arise from half of last year.
Bitcoin Miner is an industrial business consisting of warehouses full of computers that function to protect the network, rewarding with newly created coins to handle blocks on decentralized payment networks.
However, when the prices of the biggest cryptocurrency drop, companies can struggle to cover their costs.
Trump has pledged to support the digital asset industry on the campaign trail. he I said He wanted all future Bitcoin to be 100% American. Probably not possible.
Bitcoin has recently been priced at $81,941. According to After dropping over 5% over 24 hours, it went to data provider Coingecko.
Almost all the major digital coins and tokens were also available on Thursday afternoon Eastern Time.
edit James Rubin
