Bitmain, Canaan and Microbt are three of the largest Bitcoin mining hardware companies responsible for the majority of global crypto mining infrastructure, moving their core operations to the US. Moves by Chinese entities come in response to rising trade tensions between the two global superpowers and the growing national security concerns raised by the Trump administration.
Chinese Bitcoin Company Moves to the US: Historical Changes in the Global Crypto Supply Chain
This could lead to Washington’s trade and technology competition to strengthen competition with Beijing and restructuring the cryptocurrency mining supply chain. This is not just a response to avoiding the threat of President Donald Trump’s tariffs, but a strategic reorganization of the world’s Bitcoin and crypto mining infrastructure.
The shift dates back to Trump’s “liberation day” announcement on April 3, 2025, which imposed a 30% import duties on high-tech equipment, including Bitcoin mining hardware, and an additional 20% tariff on mining equipment from China. This has led to a massive shift in Bitcoin miners to the US.
Bitmain, Canaan, and Microbt collectively manage more than 90% of the global Bitcoin mining hardware market. According to a report by Forst & Sullivan, the mining rigs provided by the three companies handled more than 95% of the total computing power of the Bitcoin network, also known as Hashrate, in 2023-2024.
Despite China’s domestic ban on all crypto-related activities, including mining, these companies continued to maintain market dominance by shifting their focus to TaylorMade to support Proof of Workplace (POW) blockchains like Bitcoin.
Bitmain, the world’s largest Bitcoin mining hardware company based in Beijing, began assembly of machines in the US shortly after winning Trump’s election in November 2024, after the then presidential election signaled impressive pressure on China’s technology imports.
Canaan, a formerly fully based in China, began production in the US earlier this year, labeling the move as “exploratory.” Microbt soon announced its lawsuit, and announced its US-focused efforts aimed at avoiding potential tariffs and getting closer to American clients.
A favorable regulatory regime will make America the epicenter of Bitcoin miners
Following China’s embargo on Crypto Mining, all major mining entities have moved operations to countries with regulations particularly favorable to the US. This brings the US to emerge as a global leader in Bitcoin mining, owning a significant share of global hashrates.
According to data from Cambridge Alternative Finance (CCAF), the country accounts for 35.4% of the global highest share of Bitcoin mining hashrate.
President Trump has publicly supported the industry, underscoring his desire to make the US a “bidden powerhouse of Bitcoin.” His administration has already taken steps to promote the growth of the country’s crypto mining, ease regulatory barriers, and promote the development of coordinated energy infrastructures to support the industry.
U.S. Secretary of Commerce Howard Lutnick said the federal government is investigating the possibility that miners could build their own power plants next to mining facilities to ensure cost-effective and reliable energy supplies. The administration plans to allow miners to take over abandoned oil fields.
China’s excessive reliance on Bitcoin hardware brings “strategic vulnerabilities” to the US
Moving manufacturing to the US could reduce tariff pressure and allow businesses to remain competitive in favorable markets, but some sustained national security concerns persist.
Speaking to Reuters, Sanjay Gupta, chief strategy officer at Auradine, the marathon-based Crypto Hardware Company, said relying on mining rigs built in China poses cybersecurity and infrastructure risks even when they gather in the US.
“Now, hundreds of thousands of these rigs are connected to the US electrical grid. It’s not just economic dependency. It’s a strategic vulnerability.” Gupta said.
There are several of the largest Bitcoin mining companies in the US, including Marathon Digital, CleanSpark, Core Scientific and Riot Platform, but almost all rely heavily on Chinese-made rigs. This imbalance was repeated by Gupta as a “dangerous dependency.” He also warned that if China limits exports or operational prices, it would create ripple effects that could cripple the global mining supply chain.
The rise in Chinese Bitcoin Miners’ migration to the US is not without risk. Recently, Sopho, an AI-centric subsidiary of Bitmain, has been added to the US entity list and effectively blacklisted the company to access American technology due to national security concerns. The company does not manufacture crypto mining equipment, but is involved in the development of chips for AI computing.
Canaan moved its headquarters to Singapore to distance himself from his Chinese roots. The company reported that 40% of its revenue during the 2024 fiscal year came from US clients. Based in Shenzhen, China, Microbt is exploring partnerships with US data centers and energy providers.
The advantage of China’s hardware market remains a threat to American Bitcoin ambitions
According to a research report from Statista, the global Bitcoin mining hardware sector is projected to reach $12 billion by 2028. This will result in the ongoing battle over supply chains becoming a commercial issue for the high stakes. Bitcoin mining is becoming increasingly energy-intensive, relying on professional and robust chips, with the US demanding more power, while China supplies most of the hardware.
Bitcoin mining is an important topic in the ongoing trade debate between Washington and Beijing, which calls for a consensus to be reached. The next five years will be important for both countries. This is to clarify whether the US can be independent in developing key technologies, and whether Chinese companies will maintain control of the industry.
At the time of writing, Bitcoin (BTC) is trading at $106,002, an increase of 1.16% over the last 24 hours.
