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Article by: Rana Foroohar Translated by: Block Unicorn Last week, I was heartbroken when I read that JPMorgan Chase was considering lending against clients' cryptocurrency holdings, even though we all

<p>Chinese Bitcoin mining rig manufacturer Bitmain is considering a phased strategy to establish its first US factory soon. The company would also officially set up a new headquarters in either Texas or Florida, <a href="https://www.bloomberg.com/news/articles/2025-07-29/chinese-crypto-giant-plans-first-us-factory-in-trump-era-gambit">Bloomberg reported</a>.</p><p>In the first phase, Bitmain intends to recruit about 250 local employees for manufacturing and site-level maintenance units.</p><p>According to Irene Gao, Bitmain’s global business chief, the company will start its initial output in early 2026 and begin full-scale production later in the year.</p><p>Gao calls the US a “unique opportunity” at a time when Trump’s administration is riding towards pro-crypto policies and a “Made in USA” strategy. The shift is further driven by the US industrial policies, tariffs, and China&#8217;s 2021 mining ban.</p><p>Last month, Trump’s family-associated crypto venture <a href="https://cryptonews.com/news/american-bitcoin-to-buy-btc-mining-equipment-raises-220m/">raised $220 million</a> to buy Bitcoin and digital asset mining equipment.</p><h2 class="wp-block-heading"><span id="h-us-labor-costs-are-higher-bitmain">US Labor Costs Are Higher: Bitmain</span></h2><span class="replacer"></span><p>Gao noted that local production would speed up deliveries and repairs for US customers, while labor costs remain high. “The move still makes commercial sense,” she added, especially when there is uncertainty around tariffs.</p><p>Alternatively, Chinese supply chains are under fire, with Trump’s trade war disrupting several businesses, including Bitmain’s US expansion goals. Beijing-based company shipments have been held up at several ports with heightened scrutiny by the Customs department.</p><p>If established, Bitmain would join America’s top publicly-listed miners, including Mara Holdings, Riot Platforms and CleanSpart.</p><p>Additionally, another North American Bitcoin mining giant, Hut8, is already planning a full stock merger with Gryphon Digital Mining, under the American Bitcoin brand. Hut8 purchased 31,145 Bitmain machines to upgrade its mining fleet in November 2024.</p><h2 class="wp-block-heading"><span id="h-chinese-bitcoin-miners-pivot-to-us-soil">Chinese Bitcoin Miners Pivot to US Soil</span></h2><span class="replacer"></span><p>During President Joe Biden’s administration, Chinese Bitcoin miners operating in the US drew security concerns. Last year, Biden ordered a Chinese-backed cryptocurrency mining company <a href="https://www.cnbc.com/2024/05/14/us-orders-chinese-backed-crypto-miner-to-sell-land-near-military-base.html">to sell land</a> near a Wyoming nuclear missile base, citing national security concerns.</p><p>Per the University of Cambridge report, three biggest makers of <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin</a> (BTC) mining machines — Bitmain, Canaan, and MicroBT, <a href="https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf" rel="noreferrer noopener" target="_blank">manufacture 99%</a> of the world’s BTC mining hardware.</p><p>Further, Cryptonews reported that 65% of Bitcoin mining operations around the world still trace their origins to China.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">🇺🇸 As Trump looks to make the US a global leader in crypto, can he achieve Bitcoin mining hashrate dominance without relying on Chinese tech?<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/Mining?src=hash&amp;ref_src=twsrc%5Etfw">#Mining</a> <a href="https://twitter.com/hashtag/DonaldTrump?src=hash&amp;ref_src=twsrc%5Etfw">#DonaldTrump</a><a href="https://t.co/G8Sw2TiyFI">https://t.co/G8Sw2TiyFI</a></p>&mdash; Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1940371250750362091?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote> </div></figure><p>Batyr Hydyrov, CEO of crypto mining equipment provider Uminers said that China’s previous hashrate has moved to countries like Russia and the U.S. As there is a brain drain among Bitcoin miners from China to other nations, particularly the USA, the U.S.’ share of the total Bitcoin mining hashrate, or computing power, surged from 4% in 2019 to the <a href="https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country#:~:text=The%20leading%20bitcoin%20mining%20by,Kazakhstan%3A%2013.22%25" rel="noreferrer noopener" target="_blank">current 38%</a>.</p>