IREN Challenges $100M US Tariff Reassessment Over Bitcoin Miner Imports

IREN is facing a $100 million import duty dispute after the U.S. Customs and Border Protection (CBP) issued a Notice of Action (NOA) relating to the declared country of origin of its Bitcoin mining equipment.

According to IREN’s earnings report for the first quarter, the CBP asserts that the mining rigs IREN imported into the U.S. between April 2024 and February 2025 originated in China. Therefore, the equipment would be subject to a 25% import tariff under Section 301 of the U.S. Trade Act, which imposes punitive duties on certain Chinese goods.

IREN said in a quarterly filing that the total reassessed duty amounts to approximately $100 million. However, the company said the hardware supplier represented that the equipment was not manufactured in China and provided certificates of origin, commercial invoices, and shipping documents to support the claim.

IREN said it intends to contest the CBP’s determination and believes the potential liability is not probable, meaning it has not recorded any provision for the tariff as of March 31, 2025.

“The outcome of this matter is uncertain at this time,” the company stated in its filing.

The dispute comes as U.S. Bitcoin miners face renewed scrutiny over supply chains and growing exposure to trade policy risks. The timing of the notice also coincided with IREN’s announcement that it would halt further hashrate expansion once it hits the previously set target of 50 EH/s by June.

IREN has rapidly expanded its hashrate in North America this year, ramping up its installed hashrate to 40 EH/s. A reassessment of origin could complicate future procurement strategies as well as impact cost forecasts if the company is ultimately held liable for the duties.