US Open National Security Investigation Against Chinese Giant Bitmain. The Network Infrastructure It's on.

Igor Pereira · November 21, 2025

Bloomberg just dropped a bomb that resets the risk in the cryptocurrency market. A Bitmain, the Chinese manufacturer that dominates absolutely the global production of Bitcoin mining hardware (ASICs) is under US national security investigation.

By Igor Pereira, Financial Market Analyst, Junior Member WallStreet NYSE

Fear? The same manual used against Huawei and TikTok: that Chinese equipment can be used for spy or have backdoors for remote control for Beijing.

This is not news about short-term price; it is news about the Bitcoin network power structure.

1. Target: The Dorsal Spin of Global Mining

To understand gravity, you need to understand Bitmain. They're the 800-pound gorilla of mining hardware.

American Dependency: Since the ban on mining in China in 2021, the US has become the world's largest mining center. A vast percentage of this American infrastructure runs on Bitmain (Antminers) machines.
The Threat: If the investigation concludes that there is a safety risk, the US may impose sanctions, paralysing tariffs or even a total ban import and use of Bitmain equipment.

My Analysis (Igor Pereira): That would be a catastrophic supply shock for American miners. The ability to expand hashrate in the U.S. would be severely impaired overnight.

2. Geopolitics: Bitcoin as Critical Infrastructure

Why now?

Institutional Recognition: With the approval of the ETFs and Wall Street's entry, Bitcoin went from "a speculative asset" to "critical financial infrastructure" in the eyes of Washington.
The Fear of Kill Switch: The US cannot tolerate the possibility, however minor, that the Chinese Communist Party has a remote "interruptor" that can shut down or compromise a significant part of the Bitcoin network, especially now that it is integrated into the US financial system.

My Analysis: This is the logical extension of technological warfare (semiconductors, AI, rare earths). The U.S. is acting to "westernize" Bitcoin supply chain.

3. Market Implications: Who Wins and Who Loses?

Losers (Short Term):
- US Public Mining Companies (Ex. MARA, RIOT): If they rely heavily on Bitmain for future expansion, their growth plans are now at risk. Expect volatility in these actions.
- Hashrate Global: Uncertainty can lead to a break in investments in new hardware, potentially stalling the growth of network security temporarily.
Winners (medium/long term):
- Non-Chinese competitors: Chip and hardware manufacturers outside China (such as Intel, Block/Jack Dorsey, or American startups) have just received the greatest geopolitical gift possible. The demand for safe hardware manufactured in the West will explode.

Conclusion of Igor Pereira: Bifurcation Accelerates

The thesis of the "System Bifurcation" that we discussed in Gold (Physical East vs. West Paper) now applies to Bitcoin.

The US is drawing a line in the sand: Bitcoin infrastructure in the West must be built with reliable hardware (read: not Chinese). This is a painful and expensive process of decoupling, but it is inevitable in the current Cold War.

Prepare for volatility in the mining sector. The struggle for Bitcoin hardware control has just begun.

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