Key Notes
- Multiple US Bitcoin miners, including CleanSpark, are facing significant customs disputes, leading to potential tariff liabilities in the hundreds of millions.
- CleanSpark’s stock plummeted over 5% despite strong Q3 results, showcasing $198.6 million in revenue and $257.4 million in net income.
- Bitmain is considering establishing a US manufacturing facility as mining firms reassess their supply chain strategies due to increasing regulatory scrutiny.
In the evolving landscape of Bitcoin mining, CleanSpark Inc. (NASDAQ: CLSK), a prominent US player, is currently embroiled in a serious customs dispute with the US Customs and Border Protection (CBP). The agency has alleged that some of CleanSpark’s Bitcoin mining rigs imported in 2024 originated from China, a claim that could result in a staggering tariff liability of up to $185 million. Following a disclosure in its Q2 2025 filing, the company indicated that invoices for duties on miners imported from April to June 2024 started arriving on May 27, 2024. At the time, CleanSpark relied solely on Bitmain’s Antminers for its operations.
If the CBP’s findings are upheld, the financial repercussions could be massive: CleanSpark estimates their total potential exposure could hit around $185 million, disregarding any related statutory interest. However, the company is contesting this assertion, arguing that import documentation and supplier commitments substantiate that the mining equipment was sourced outside of China. CleanSpark has not set aside any financial provisions for these tariff charges, considering a cash outflow improbable as of June 30, 2025.
This dilemma arises amidst an intensified regulatory environment. In light of U.S. trade enforcement measures targeting Chinese products, CBP has stepped up investigations into the origins of crypto mining equipment. This scrutiny is raising red flags not only for CleanSpark but across the entire industry.
CleanSpark Stock Experiences Downward Trend
Adding to CleanSpark’s woes, its stock witnessed a notable decline of over 5% following the tariff-related news, despite the company announcing robust quarterly earnings. As of August 8, 2025, shares fluctuated between $9.82 and $11.35 within the week. An intraday low was recorded at $10.07, marking a decline of 6.07%, according to Yahoo Finance. Investor sentiment appeared to pivot negatively due to anxieties about the potential implications of the tariff dispute alongside broader hesitancy impacting crypto-linked equities.
This drop in stock price starkly contrasts with CleanSpark’s otherwise impressive quarterly results. The company reported Q3 revenue of $198.6 million, coupled with a net income of $257.4 million, no small feat in the competitive mining industry. Furthermore, CleanSpark boasts over $1 billion in Bitcoin holdings and has achieved a hashrate milestone of 50 exahashes per second, reinforcing its presence in the market through U.S.-based infrastructure.
IREN’s Tariff Troubles Parallel CleanSpark’s
CleanSpark isn’t facing this turbulent scenario alone. Another publicly-listed miner, IREN, has also encountered a similar tariff dispute with CBP. The agency has questioned the origin of rigs imported between April 2024 and February 2025, asserting they are of Chinese origin and estimating a possible liability of around $100 million. Much like CleanSpark, IREN disputes this claim and indicates a commitment to challenging the CBP’s Notice of Action—drawing further attention to the heightened scrutiny—that U.S. customs is applying to supply chains for cryptocurrency mining businesses.
Such developments send ripples across the mining sector, highlighting a growing complexity in compliance and risk management. Fears surrounding these tariff disputes are prompting major players like Bitmain, the world’s largest Bitcoin miner manufacturer, to probe the feasibility of establishing a manufacturing facility in the United States. This shift could serve multiple purposes: avoiding harsh tariffs and potentially revolutionizing how mining equipment is procured, aligning with U.S. regulations.
The outcomes of these tariff disputes hold significant implications not only for CleanSpark and IREN but for the broader cryptocurrency mining industry. With complexities escalating amidst rising U.S.-China trade tensions, the eventual resolution could reconfigure procurement practices and supply chain transparency standards across the sector. Should CBP achieve a favorable ruling, the financial ramifications could reverberate across the industry, altering the strategic landscape for Bitcoin miners.
Disclaimer: Coinspeaker aims to provide unbiased and transparent reporting. This article is designed to deliver accurate and timely information but should not be construed as financial or investment advice. As market conditions can change swiftly, we encourage independent verification and consultation with professionals before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with nine years of experience in the industry. He has written for top outlets such as CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
