Bitmain, Canaan and Microbt account for more than 90% of the global bitcoin mines (BTC). All three companies are of Chinese origin. According to reportsBitmain, Canaan and Microbt set their manufacturing units in the United States in an attempt to avoid President Trump’s customs.
Bitcoin mining manufacturer bends to customs horror
Moving production to the United States can be a desperate attempt to escape the ongoing customs war. According to Guang Yang, Head of Technology at Conflux Network, ”The US-China trade war triggers structural, not superficial, changes in Bitcoin’s delivery chains.“
Canaan began testing of BTC Mining RIG production in the United States after Trump’s customs power in April. According to Senior Executive Leo Wang, the move is inclined to explore alternatives when major investments become problematic in the current situation.
Microbt, the third largest bitcoin (BTC) mining rig manufacturer among the three, is “is”Actively implement a location strategy in the United States. “Like the others, the move is that “Avoid the effects of customs.“
China continues to dominate the mining market
North America is home to 30% of Global Bitcoin (BTC) mining. Despite the US strong position in BTC mining, 90% of the hardware required for the complex process in China has.
While China only dominates BTC Mining RIG manufacturing today, the country was once responsible for being the best destination for BTC mining. The Chinese government banned Cryptocurrency activity in 2021 due to fear of economic instability.
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President Trump has said he wants the crypto industry in the United States to thrive. Moving production to the United States may fall on Trump’s good grace.