Asia Morning Note: BTC Mining Sector Shows Little Concern Over Renewed Trump Tariffs

Bitcoin mining equipment manufacturers are unlikely to be impacted by the latest U.S. semiconductor tariffs, thanks to exemptions granted to leading chipmakers Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung due to their U.S.-based operations.

Officials in Taiwan confirmed TSMC is exempt from the new 100% tariff regime because of its Phoenix, Arizona facility, which opened in 2023. Similarly, South Korean authorities said Samsung would also be exempt, citing its semiconductor fabs in Texas.

TSMC and Samsung produce the ASIC (application-specific integrated circuit) chips used by major BTC mining companies including Bitmain, Canaan, and Bitdeer. A spokesperson for Bitdeer confirmed the firm uses TSMC as a supplier and therefore is not exposed to the new tariffs. The company also plans to bring a U.S.-based mining rig assembly plant online within the next year. Bitmain and Canaan declined to comment.

The broader market appeared unfazed by the policy shift. Taiwan’s TAIEX index is set to open Friday up 2.3%, with TSMC gaining 3% and approaching all-time highs. Even SMIC, TSMC’s China-based rival without U.S. facilities, has outperformed the Hang Seng Index this week.

Market Snapshot

Bitcoin (BTC): BTC has cooled slightly after hitting a record high of $123,000, currently trading at $117,386.04. CryptoQuant notes a slowdown in momentum and soft on-chain signals, suggesting possible short-term consolidation or downside risk.
Ethereum (ETH): ETH is trading at $3,905.42 (+6.43%) and closing in on the $4,000 mark. Glassnode data shows a shift in capital from Solana to Ethereum, with ETH/BTC breaking above its 200-day EMA for the first time in two years. ETH open interest is at $58 billion, and network activity is at record levels.
Gold: Gold is up 0.5%, trading at $3,387, as investors assess the impact of potential U.S. tariffs on India over its Russian oil imports.
Nikkei 225: Japan’s Nikkei 225 rose 1.18%, while the Topix index hit a record 3,031.78, led by gains in Nippon Chemical Industrial, Miyakoshi Holdings, J-Lease, and Japan Electronic Materials.
S&P 500: U.S. stocks climbed Wednesday, with the S&P 500 up 0.73% to 6,345.06. Apple surged 5% following an announcement it will increase U.S. manufacturing investment by $100 billion, pushing its total commitment to $600 billion over four years.