Mining

18/10/18 07:51 UTC-4

Chinese mining equipment fell under sanctions in the USA

Chinese manufacturers of mining equipment may suffer from high duties imposed in the United States
Chinese manufacturers of mining equipment may suffer from high duties imposed in the United States

Chinese manufacturers of miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
equipment may suffer from high duties imposed on the United States for Chinese goods.

On October 16, the Hong Kong Post Office published a material about possible losses for Chinese manufacturers of mining equipment in the United States. As reported, the most vulnerable to sanctions have become companies: Bitmain, Canaan and Ebang.

The sanctions proposed by the administration of President Trump, significantly increase the tariffs of sales. For example, the duty on Antminer S9 Bitmain in July 2018 was 2.5%. As it is known, in August-September the tariffs of duties were revised and increased to 27.7%. Chinese analysts are confident that the extent to which harsh duties on mining equipment simply cannot affect the overall condition of the manufacturing companies.

"All Chinese manufacturers of equipment for mining, most likely, will suffer from changes in the tariff plan of duties and, in turn, will be drawn into a trade war from the United States." – Ben Gagnon, co-founder of Minco Bitcoin hardware developer.

New tariff rates may be particularly burdensome for the manufacturer Bitmain. From the public report that was submitted at the end of 2017 – 51.7% of sales revenue was from the United States.

Editor: Yuliya Soroka

#mining #equipmentformining #sanctions

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