American Bitcoin Buys $314M in Bitmain Mining Rigs
Main Idea
American Bitcoin, a mining company backed by members of Donald Trump’s family, expanded its operations by acquiring a significant number of ASICs from Bitmain, amid concerns over US tariffs on Chinese mining equipment.
Key Points
1. American Bitcoin exercised an option to acquire up to 17,280 ASICs from Bitmain, purchasing 16,299 Antminer U3S21EXPH units worth around $314 million.
2. The acquired mining hardware delivers a combined computing power of 14.02 exahashes per second (EH/s).
3. US tariffs on China-made Bitmain equipment are raising concerns about increased costs and potential negative impacts on the domestic mining industry.
4. Bitmain holds an 82% market share in the global mining hardware market, with over 99% of mining equipment produced in China.
5. Critics warn that higher equipment prices could weaken demand from US miners and drive mining operations back overseas.
Description
The company secured 14.02 EH/s of computing power and protection from US tariffs on China-made mining hardware. While the tariffs aim to boost domestic manufacturing, critics warn they could raise equipment costs, weaken demand from US miners, and ultimately drive mining operations back overseas. American Bitcoin Expands with Bitmain Deal American Bitcoin, a Bitcoin mining company backed by members of US President Donald Trump’s family, exercised an option to acquire up to 17,280 application-spe...
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