🇺🇲 "Made in USA" Bitcoin Dream Threatened by Tariff Volatility

The U.S. Bitcoin mining industry faces a volatile landscape due to fluctuating tariffs imposed by the Trump administration. While a recent 90-day pause on hiked tariffs offers temporary relief, a baseline 10% tariff remains, placing U.S. miners at a competitive disadvantage compared to their international counterparts.

Hashlabs CEO Jaran Mellerud predicts a short-term surge in mining rig purchases as miners capitalize on the pause, but emphasizes that the increased capital expenditure compromises long-term investment viability.

Luxor Technology's COO Ethan Vera corroborates this, noting rising prices for U.S.-landed machines and assembly contracts. The initial tariff hikes, particularly on rigs from Thailand, Indonesia, and Malaysia, caused significant disruption, leading companies like Luxor to reconsider their U.S.-centric strategies and explore international expansion.

The unpredictable nature of these tariff changes creates uncertainty and hinders the planned growth of U.S. Bitcoin mining operations, despite Trump's stated goal of "made in the USA" Bitcoin. This policy instability, coupled with broader market impacts, including a recent dip in Bitcoin's value, highlights the challenges faced by the industry amidst shifting political and economic forces.

🗞️ In the News

• Network hashrate reached a historic 1 ZH/s despite discrepancies in tracking data and coinciding with a recent market downturn.

• CleanSpark ranked 35th on FT's 2025 list of the 500 Fastest Growing Companies in the Americas

• Trump's new tariffs could lead to cheaper Bitcoin mining rigs for non-US miners as manufacturers seek to offload stock intended for the US market, potentially shifting hashrate away from the United States.

• Bit Digital secured a site in Québec for a new Tier 3 datacenter to support its 5MW colocation agreement with Cerebras Systems, aimed at providing AI infrastructure.

• Top public Bitcoin mining companies collectively produced nearly $800m worth of Bitcoin in Q1 2025, with Hut8 showing the highest MoM growth in March despite mining the least amount.

📰 Mining March Updates

🫧 CleanSpark

• CleanSpark produced 706 BTC in March 2025, a 13% increase MoM, driven by operational improvements and expanded capacity in Wyoming. YTD, the company has mined 1,956 BTC.

• The company's operating hashrate reached 42.4 EH/s at month-end, a 4.2% MoM increase, supported by nearly 2 EH/s added during March.

• Average hashrate for March was 40.2 EH/s, with a peak daily production of 23.52 BTC and an average of 22.78 BTC per day.

• Bitcoin sold during March totaled 14.23 BTC at an average price of $87,742 per BTC, representing a minor fraction of overall production.

• As of March 31, CleanSpark held 11,869 BTC in treasury, highlighting its long-term conviction and strategic accumulation approach.

• The company currently has 915 MW of energy under contract and operates a fleet of 205,412 miners with an average efficiency of 17.03 J/Th.

• CleanSpark remains confident in its scalability and resilience, stating that most of the infrastructure needed for near-term growth is already based in the U.S., minimizing the impact of newly announced industry tariffs.

🛖 Hut 8

• Hut 8 more than doubled its deployed hashrate in March 2025 to 9.3 EH/s, up 102% MoM from 4.6 EH/s in February, reflecting a major fleet upgrade and deployment surge.

• Fleet efficiency improved by 31% MoM, dropping from 29.3 J/TH in February to 20.1 J/TH by the end of March, showing strong operational execution.

• The company produced 88 BTC in March, up 91% MoM from 46 BTC, while bitcoin holdings increased slightly to 10,264 BTC from 10,237 BTC.

• Hut 8 launched American Bitcoin, a standalone mining subsidiary formed in partnership with Eric Trump, who also joined as a strategic advisor to support scale and capital efficiency.

• The company now manages 16.9 EH/s of total hashrate across 120.8K deployed miners and 1,020 MW of energy infrastructure, spanning mining, colocation, and data center services.

🦘 Cango

• Cango produced 530.1 BTC in March 2025, a 12% increase MoM from 472.7 BTC in February, reflecting steady operational enhancements and output gains.

• Daily BTC production averaged 17.1 BTC in March, up slightly from 16.9 BTC in February.

• Bitcoin holdings grew significantly to 2,474.8 BTC at the end of March, up 27% MoM from 1,944.7 BTC.

• The company’s deployed hashrate remained stable at 32 EH/s, while average operating hashrate improved slightly to 30.3 EH/s, up from 29.7 EH/s the prior month.

• Cango attributes its performance to continued operational optimization and expects further growth in the evolving cryptocurrency market.

🐝 HIVE

• HIVE mined 108 BTC in March 2025, bringing its total holdings to 2,201 BTC, with an average daily production of 3.5 BTC and fleet efficiency at 20.7 J/TH.

• Mining operations officially began at HIVE’s 200 MW hydro-powered Yguazú site in Paraguay, starting with 100 PH of hashrate and phased expansion underway.

• HIVE’s average hashrate for March was 6.3 EH/s, with a peak BTC-only hashrate of 6.2 EH/s and BTC-equivalent hashrate of 6.4 EH/s.

• The company expects to scale global capacity from 6 EH/s to 25 EH/s by year-end 2025, backed by a fully funded pipeline and efficient green infrastructure.

• HIVE reinvested a portion of its BTC holdings into capital assets, leading to a temporary 4% YoY dip in reserves but accelerating long-term infrastructure buildout.

 🧩 BIT Mining

• BIT Mining produced 41.55 BTC in March 2025, including 6.59 BTC self-mined and 34.96 BTC for hosted clients. It also mined 2.38m DOGE and 651.6 LTC.

• The company’s cost per self-mined BTC was $65,831, with an average of 5.2 days required to mine one BTC.

• Operational hashrate reached 423 PH/s, supported by a fleet of over 28,000 mining machines across BTC and LTC/DOGE operations.

• In Ethiopia, BIT Mining is expanding a 51 MW site. The first 8,458 machines have arrived and are ready for deployment, with another 8,171 machines clearing customs.

• Ohio operations continue at 82.5 MW, powering both hosting and self-mining, as the company focuses on clean energy infrastructure and long-term growth.