Economic sanctions against Chinese products of the Trump regime showed that there is a possibility that manufacturers of leading Chinese mining equipment such as Bitmain, Canaan and Ebang may be affected .
In June this year, the US Trade Representative (USTR) shifted Antmeler S 9 which is Bitmain’s mining hardware from “Data Processing Equipment” originally not subject to tariffs to “Electrical Machinery Equipment” which can impose a 2.6% tariff on the data I classified it.
In addition, in August the Trump regency announced that it will set an additional tariff of 25% on certain Chinese products such as mining hardware as economic sanctions against China.
As a result, a total of 27.6% tariffs will be imposed on the mining hardware exported to the United States, which was not tariffed once, and the leading Chinese mining maker will be forced to struggle.
Ben Gagnon, co-founder of LuTech, which develops mining hardware, said:
All mining hardware manufacturers based in China will be affected by changes in tariffs in the United States.
Bit Main accounts for approximately 51% of overseas sales of the total sales, whereas rival companies Canaan and Evan account for only 8.5% and 3.8% respectively.
Also, it is said that sales of Bitmain’s mining hardware accounts for 94% of the company’s total sales , and among the mining equipment manufacturers in China, there is concern for the rapid decline of bitmain, among others.
Article Source: Bitmain, Canaan and Ebang IPO plans snared by Trump’s tariffs on Chinese cryptocurrency mining gear
Author: ぼ に フ ァ 【Coin Desk News】 – Source Post: https://crypto-times.jp/america-chinese-mining/
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for informational purposes only. We are not an investment advisor and do not provide financial advice.
It’s also important to it properly to diligence and analysis, including consulting a professional financial advisor, No content on Coin News Desk makes up a recommendation to enter in any type of investment or to engage in any investment strategy present on this website.