The Trump administration’s friendlier regulatory stance toward crypto hasn’t extended to bitcoin miners caught in the crossfire of the president’s sweeping tariff policies.
Bitcoin mining firm CleanSpark (CLSK) disclosed in its Q2 10-Q filing that it has received invoices from U.S. Customs and Border Protection (CBP) claiming the company owes punitive tariffs on certain rigs allegedly imported from China in 2024.
CleanSpark disputes that, saying the seller “consistently” maintained the rigs’ country of origin was not China, as required under purchase agreements.
But the filing warns that if CBP successfully defends its claim and applies duties to all miners imported since April 2024, the company’s liability could reach roughly $185 million.
“The Company believes the CBP allegation of Chinese origin on its imported miners to be without merit and intends to defend against these charges vigorously,” CleanSpark said.
It’s not alone in the CBP’s sights. IREN Limited (IREN) revealed in a May filing that customs officials allege rigs it imported between April 2024 and February 2025 originated in China, which would trigger a 25% tariff and a $100 million bill.
Like CleanSpark, IREN says its supplier provided certificates of origin, commercial invoices, and supporting documents showing the gear wasn’t made in China.
The company plans to fight the claim but admitted “the outcome of this matter is uncertain at this time.”
Tariffs trigger ‘structural’ supply-chain shifts
China-based manufacturers Bitmain, Canaan, and MicroBT still produce more than 90% of the world’s bitcoin mining rigs, according to Reuters. All three are now setting up U.S. factories to sidestep tariffs.
“The U.S.–China trade war is triggering structural, not superficial, changes in bitcoin’s supply chains,” Guang Yang, CTO at Conflux Network, told Reuters in June. For U.S. miners, Yang said, “this goes beyond tariffs. It’s a strategic pivot toward ‘politically acceptable’ hardware sources.”
The tariff fight comes as CleanSpark undergoes an executive shake-up. President and CEO Zachary Bradford resigned Monday and was replaced immediately by co-founder and former CEO Matt Schultz, who also serves as executive chairman.
Bradford had led the company since 2019. “My focus stepping in as CEO is to ensure stability, continuity, and forward momentum during this time, and to support the team and our board as we continue to execute as a market leader,” Schultz said in a statement.
Neither Bradford nor the company has given a reason for his departure, but Schultz hinted at a board-driven change.
“As we have continued to grow, the board believes that now is the right time for a change in leadership as we look to fully capture opportunities available to CleanSpark,” he said.
CleanSpark shares are up 8.3% year-to-date.
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