President Donald Trump announced on Aug. 6 that he will impose tariffs as high as 100% on imports of chips and semiconductors to the U.S. Only those manufacturing these products in the U.S. can escape this charge, he added.
Trump told reporters in the Oval Office that the new rate would apply to all chip and semiconductor imports except those from companies that have committed to manufacturing in the U.S.
As reported earlier, the Bitcoin mining industry has taken a hit due to Trump’s tariffs on chips. Mining is the process of using high-tech hardware to validate and secure transactions on a blockchain network that forms the infrastructure of the crypto industry.
While the U.S. is the world leader among crypto mining countries, it is Asian countries such as China, Indonesia, Malaysia, and Thailand that are the key manufacturers of mining rig equipment on which even the miners based in the U.S. are dependent.
The announcement immediately sent shockwaves through the stocks of nearly all crypto mining companies.
MARA Holdings (Nasdaq: MARA), a prominent Bitcoin miner based in Florida, fell 0.13% in after hours to $15.87 at the time of writing. Similarly, the Colorado-headquartered Riot Platforms (Nasdaq: RIOT) dropped 0.69% to $11.58.
Singapore-headquartered miner Bitdeer Technologies (Nasdaq: BTDR) fell 0.62% to $12.89, and the Henderson, Nevada-headquartered CleanSpark, Inc. (Nasdaq: CLSK) fell 0.18% to $10.98.
HIVE Digital Technologies (Nasdaq: HIVE) also fell 0.94% to $2.10. Hut 8 (Nasdaq: HUT) fell 0.19% to $20.65.
The total crypto market cap stood at $3.76 trillion at the time of writing.
Trump announces 100% tariffs on chips, mining stocks tumble first appeared on TheStreet on Aug 6, 2025
This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared.
