Ethereum News Today: Bitcoin Miners Hit by 57.6% Tariffs as Blockchain Turns to Wall Street

Bitcoin miners in the United States are facing a significant financial strain as new tariffs imposed by the Biden administration have resulted in massive customs invoices, with some firms reporting liabilities exceeding $100 million. Publicly traded miners CleanSpark and IREN are among those hit hardest, as US Customs and Border Protection (CBP) determined that certain mining rigs were of Chinese origin and thus subject to a 57.6% duty under revised tariff schedules. This has added to an already challenging environment, with mining revenues under pressure and transaction fees falling to less than 1% of block rewards [1]. Notably, a mining operation backed by Donald Trump managed to import over 16,000 rigs from Chinese firm Bitmain without facing the same tariff penalties, highlighting the uneven impact of these policies [1].

Beyond the immediate financial concerns, the broader blockchain industry is increasingly turning its attention toward Wall Street. Institutional adoption is on the rise, with developments in exchange-traded funds, corporate treasuries, and tokenized real-world assets gaining traction. Polkadot, the 24th largest blockchain by market capitalization, has launched a new capital markets division, Polkadot Capital Group, to engage traditional finance players and showcase use cases in decentralized finance and asset tokenization. The firm has cited growing institutional interest and recent regulatory signals in the US as key motivations for the move [1].

At the same time, reports suggest that China, despite its strict regulatory stance on digital assets, is considering the approval of yuan-backed stablecoins. Such a policy shift would mark a departure from its previous stance and could indicate a broader strategy to enhance the yuan’s role in global trade. This potential development comes as stablecoin adoption grows elsewhere, particularly in the US, where the GENIUS stablecoin bill was recently passed [1]. The global stablecoin market now exceeds $288 billion in value, with the majority held in US dollar-backed tokens.

Ethereum has also seen a surge in institutional buying. Sports betting firm SharpLink recently added 143,595 ETH to its treasury, bringing its total holdings to over 740,760 ETH, valued at approximately $3 billion. While not the largest ETH holder, the firm’s accumulation reflects broader confidence in the network’s long-term prospects. BitMine remains the leading treasury holder with over 1.52 million ETH, valued at about $6.5 billion [1].

The crypto industry is navigating a complex and rapidly shifting landscape, with regulatory uncertainty, geopolitical developments, and technological progress shaping its trajectory. As Bitcoin miners grapple with rising costs and Polkadot and others seek to attract Wall Street, the sector’s ability to adapt will be critical to its continued growth and relevance [1].

Sources:

[1] Cointelegraph, Crypto Biz: Bitcoin miners face tariff hit, blockchain courts Wall Street (https://cointelegraph.com/news/crypto-biz-bitcoin-tariffs-polkadot-stablecoin-eth)