From financemagnates by Damian Chmiel
Wall Street Bitcoin miners' operations face significant disruptions as federal authorities halt imports of the newest Bitmain mining equipment at ports across the country. As Bitcoin's price approached $100,000, companies rushed to invest in new mining equipment to boost their production capacity. However, orders may have been delayed at ports.
The U.S. Customs and Border Protection (CBP) has detained shipments of Bitmain's latest Antminer S21 and T21 series at multiple entry points, including major ports in San Francisco and Detroit, Blockspace has learned. The action comes at the apparent request of the Federal Communications Commission (FCC), according to mining industry executives familiar with the matter.
The detention of mining equipment appears selective, targeting only Bitmain's newest models while allowing hardware from competitors like MicroBT and Canaan to enter normally. Industry sources estimate around 200 units are currently held at various ports, with some shipments detained for over two months.
“CBP holds extending beyond 30 days with no clear requests of the Importer of Record (IOR) are beyond usual service standards and extremely rare,” one source told Blockspace.
The crackdown may be linked to broader concerns about Chinese technology components. Speculation centers on the use of chips from Sophgo, a semiconductor firm under scrutiny for alleged sanctions violations related to Huawei. Bitmain's newer models reportedly incorporate Sophgo's CV1835 chip, though the company sources components from multiple vendors.
Mining companies report mounting storage fees, with one firm facing charges exceeding $200,000. Several have engaged legal counsel to seek clarity from regulatory authorities, while others are actively rerouting shipments to avoid certain entry points, particularly on the West Coast.
Several major publicly-traded Bitcoin miners on Wall Street have announced plans to expand their mining fleets and increase their mining rates. Hut 8 (NASDAQ: HUT) revealed earlier this month that they ordered over 31,000 BITMAIN Antminer S21+ units.
“The S21+ offers a faster payback period than more efficient models across a wide band of future hashprice scenarios, enabling us to optimize investment returns and accelerate value creation,” commented Asher Genoot, CEO of Hut 8.