Bitcoin Mining Firms Navigate U.S. Customs as BTC Surges to $90K

In a bid to reduce import duties, some Bitcoin mining firms are reportedly undervaluing mining rig shipments when dealing with U.S. Customs. This practice has gained traction following tariff hikes imposed during the Trump administration. Jill Ford of BitFord Digital highlighted that industry players often declare lower values on packages to sidestep hefty import charges, though she cautioned that such tactics carry significant risks. Meanwhile, Bitcoin’s price has soared to $90,000, marking its highest level since March 7 and reflecting a gain of over 5%. This surge underscores the cryptocurrency’s volatile yet upward trajectory, even as regulatory and operational challenges persist in the mining sector.

Bitcoin Mining Firms Try to Game U.S. Customs Controls

Some Bitcoin mining firms are undervaluing mining rig shipments with U.S. Customs to reduce duties. The Trump administration’s tariff hikes have made these attempts more relevant. Jill Ford of BitFord Digital revealed that industry members often declare lower values on packages to avoid paying import charges, although she warned it was risky.

Bitcoin Rises to $90K

Bitcoin surged to $90,000 for the first time since March 7, adding more than 5% in the past five days. The paths of the largest cryptocurrency and traditional equities diverge, as the S&P 500 has slipped below 5,200 points since trading above 5,700 on March 7. Despite the recent bounce, Bitcoin remains down more than 5% year to date but has recovered significantly from its April 8 low. The cryptocurrency was down nearly 20% on the year at that point.

Arch Labs Raises $13M for Bitcoin-Based Smart Contracts

Arch Labs, a Bitcoin decentralized finance (DeFi) developer, has raised $13 million in funding to build ArchVM, which will provide smart-contract functionality on the Bitcoin blockchain. The funding round valued the company at $200 million and was led by Pantera Capital. ArchVM will handle off-chain computations to enable Turing-complete smart contracts at the Bitcoin base layer and provide Solana-like transaction speeds.

Crypto-related Stocks Surge as Bitcoin Crosses $90K

Crypto-related stocks, including Strategy (MSTR) and Coinbase (COIN), surged on Tuesday following a broader crypto rally. Bitcoin (BTC) crossed above $90,000, leading to gains of 8% to 9% for Strategy and Coinbase. Bitcoin miners also saw significant gains, with Bitdeer Technologies (BTDR) up 20% and others like Bitfarms (BITF), CleanSpark (CLSK), Cipher Mining (CIFR), MARA Holdings (MARA), and Riot Platforms (RIOT) soaring between 10% and 15%. The broader stock market also rebounded, with the Nasdaq and S&P 500 up 2% and 1.7%, respectively.

Tesla Reports $951M in Bitcoin Holdings as it Misses Earnings

Tesla still holds almost $1 billion in bitcoin, with 11,509 BTC on its balance sheet as of March 31. The decrease from $1.076 billion on Dec. 30 is due to bitcoin’s price depreciation. Tesla did not perform any transactions in the last three months. A new FASB rule requires corporate holders of digital assets to mark those assets to market each quarter.