TLDR
- Donald Trump wants all remaining Bitcoin to be mined in the United States.
- He sees Bitcoin mining as a potential defense against a central bank digital currency (CBDC).
- Trump met with executives from Bitcoin mining companies CleanSpark Inc. and Riot Platforms.
- He believes that Bitcoin miners can help stabilize the energy grid’s supply.
- Around 90% of Bitcoin’s total supply of 21 million has already been mined.
Donald Trump, the Republican presidential candidate, has expressed his desire for all remaining Bitcoin to be mined in the United States.
On Tuesday, he met with executives from two prominent Bitcoin mining companies, CleanSpark Inc. and Riot Platforms, both listed on the Nasdaq stock exchange.
During the meeting at his Mar-a-Lago estate, Trump reportedly told the attendees that Bitcoin miners play a crucial role in stabilizing the energy grid’s supply.
He believes that Bitcoin mining could serve as a “last line of defense” against a central bank digital currency (CBDC) issued by the government.
Trump’s stance on Bitcoin mining aligns with his long-standing support for energy dominance and independence for the United States.
He has criticized the Biden administration’s alleged “hatred of Bitcoin,” suggesting that it only benefits countries like China, Russia, and what he calls the “Radical Communist Left.”
Currently, major Bitcoin mining hotspots are located in countries like China, Central Asian nations, El Salvador, and some European countries such as Germany.
Trump’s call for all remaining Bitcoin to be mined in the U.S. indicates his desire to shift this activity to domestic companies and resources.
Bitcoin has a fixed supply cap of 21 million coins, and according to data from CoinGecko, approximately 90% of this supply has already been mined.
The remaining 10% is scheduled to be mined through the year 2140, a process that involves complex computational efforts and significant energy consumption.
Trump’s meeting with CleanSpark Inc. and Riot Platforms highlights the crypto industry’s increasing efforts to influence U.S. politicians amid heightened regulatory scrutiny.
The industry has faced challenges in recent times, particularly after the bankruptcies of major crypto firms in 2022, which spooked investors, exposed fraud and misconduct, and left millions of investors out of pocket.
While Trump’s stance on Bitcoin mining aligns with his energy dominance agenda, it remains to be seen how his policies would impact the broader cryptocurrency landscape if he were to be elected president.
Regulatory uncertainty and the environmental impact of Bitcoin mining are among the key issues that policymakers and industry stakeholders continue to grapple with.
