Donald Trump’s promise that all Bitcoin should be “made in America” and his subsequent tariff policies have created a complex landscape for the U.S. cryptocurrency industry, particularly Bitcoin mining. This report provides a comprehensive examination of his pledge, the operational challenges posed by tariffs, and the broader market implications, drawing from recent developments as of April 9, 2025.
During his presidential campaign, Trump positioned himself as a strong ally of the cryptocurrency industry, transforming from a skeptic during his first term to an advocate by 2024. A pivotal moment came in June 2024 when he met with crypto mining executives at Mar-a-Lago and posted on his Truth Social account, stating that “all remaining Bitcoin” should be “made in the USA” (Bloomberg: Donald Trump’s ‘Made in USA’ Bitcoin (BTC) Is a Promise Impossible to Keep). This promise was interpreted as a commitment to bolster U.S.-based Bitcoin mining, aligning with his vision to make America the “crypto capital of the planet,” as noted in various reports (The New York Times: Bitcoin Is Down 10% Since Trump’s Global Tariff Announcement).
However, the feasibility of this promise is challenged by the global nature of Bitcoin mining, with significant operations in countries like the UAE, Russia, and Africa, as highlighted in the Bloomberg article. The majority of Bitcoin is “minted” outside the U.S., making it difficult to centralize mining domestically.
Trump’s Promise: “Made in America” Bitcoin
Trump’s pledge was specifically about Bitcoin mining, the process by which new Bitcoins are created through solving complex mathematical problems using specialized computers based on application-specific integrated circuits (ASICs). These machines are critical for mining, and historically, their production was centered in China. During Trump’s first term, tariffs shifted production to countries like Malaysia and Indonesia, but the U.S. still relies heavily on imports for components and final assembly (Protos: Trump Promised Bitcoin ‘Made in America’ Then Ruined It With Tariffs).
Companies like Bitmain and MicroBT have begun setting up production lines in the U.S. for final assembly, but they remain dependent on imported components, as detailed in the Protos article. Trump’s promise was likely aimed at incentivizing these operations and expanding domestic mining capacity, supported by his broader pro-crypto actions, such as signing an executive order on March 6, 2025, to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile (White House Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile).
Impact of Tariffs on U.S. Bitcoin Mining
Trump’s tariff policies, announced in early 2025, have had a detrimental effect on the U.S. Bitcoin mining industry, contradicting his “made in America” promise. On April 2, 2025, Trump announced sweeping import tariffs, including on countries where mining equipment is produced, as reported in multiple sources (Investopedia: Bitcoin, Crypto Stocks Fall After Trump Tariff News). These tariffs increase the cost of ASICs and components, directly impacting U.S. miners.
Ethan Vera of Luxor, a mining company, noted on The Mining Pod that brokers and miners were chartering planes to rush devices into the U.S. before the tariffs took effect, highlighting the urgency and cost implications (Protos: Trump Promised Bitcoin ‘Made in America’ Then Ruined It With Tariffs). Jaran Mellerud of Hashlabs Mining stated that rising machine prices in the U.S. could paradoxically decrease them globally, as miners seek lower-cost jurisdictions due to the competitive nature of Bitcoin mining, which includes energy and acquisition costs.
This cost increase makes it less viable for U.S.-based miners to compete, potentially driving mining operations overseas. For instance, the Protos article mentions that miners might move to countries with lower costs, undermining Trump’s goal of domestic mining dominance.
Market Implications and Price Volatility
Beyond mining, Trump’s tariffs have contributed to significant Bitcoin price volatility. In January 2025, Bitcoin reached a record high of nearly $110,000 on the day of Trump’s inauguration, reflecting optimism about his pro-crypto stance (The New York Times: Bitcoin Is Down 10% Since Trump’s Global Tariff Announcement). However, following his tariff announcements in early April 2025, Bitcoin’s price plunged 10%, dropping below $78,000 by April 6, 2025, as reported in the same article. This drop shows Bitcoin’s susceptibility to market gyrations, treated by many investors as a risky asset like tech stocks.
