According to OKG Research analysis, the tariff policy implemented today far exceeded market expectations, with the United States imposing a 34% tariff on China and higher tariffs on Southeast Asia -36% in Thailand, 46% in Vietnam, and 49% in Cambodia. Calculated by component breakdown, the cost of Bitcoin mining is expected to increase by at least 24.65%.
Tariffs impact the mining industry, significantly extending the ROI cycle. At the current level of computing power difficulty and electricity prices, unless there is a significant increase in Bitcoin prices or extremely low electricity bills, it is almost impossible for newly purchased mining machines to make a profit. The increase in tariffs not only directly drives up the procurement cost of mining machines, but also significantly prolongs the current cycle, especially for small and medium-sized miners. The high tariffs will make it more difficult for them to bear the cost pressure and accelerate the concentration of mining towards large-scale enterprises.
'Off chain blockade, on chain openness' - stablecoins become a channel for shadow dollar reservoirs. Although the shock wave of tariffs has hit the entire financial market, various data shows that the liquidity flowing into the cryptocurrency market is not so pessimistic. The US policy of "reciprocal tariffs" on China, coupled with the upcoming implementation of Executive Order No. 14117 on April 8th, has accelerated the use of US dollar stablecoins and further strengthened the financial strategy of "off chain blockade and on chain openness". It is worth noting that the main collateral asset for US dollar stablecoins is US Treasury bonds, which means that the cryptocurrency market is becoming a natural shadow dollar reservoir that may have a profound impact on the global liquidity pattern of the US dollar.
