Donald Trump demands that the United States mine the remaining bitcoin in order to gain energy dominance.
TakeAway Points:
- Donald Trump supports mining the last of the Bitcoins here in the United States in an effort to combat the challenges posed by the CBDC and achieve energy dominance,
- Trump emphasised the importance of Bitcoin mining in stabilising the electricity system during his meeting with executives from Riot Platforms (RIOT) and CleanSpark Inc. (CLSK).
- With 90% of Bitcoin already mined, Trump’s stance could influence U.S. crypto policy and domestic mining operations.
Trump Calls for U.S. Bitcoin Mining
In a bold move that underscores his growing interest in cryptocurrency, Republican presidential candidate Donald Trump has called for all remaining Bitcoin to be mined in the United States. Trump made this declaration on Truth Social, emphasizing that Bitcoin mining could be a crucial factor in making the U.S. energy-dominant.
“Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT,” Trump stated.
Trump’s comments suggest a desire to see U.S. companies take the lead in Bitcoin mining, leveraging local resources to achieve this goal. Currently, major Bitcoin mining operations are located in China, Central Asia, El Salvador, and parts of Europe, including Germany.
Trump meets Bitcoin Miners
On Tuesday, Trump met with executives from Nasdaq-listed Bitcoin mining firms CleanSpark Inc. and Riot Platforms at his Mar-a-Lago resort. According to Matthew Schultz, executive chairman at CleanSpark Inc., Trump expressed his understanding and support for cryptocurrency, stating that Bitcoin miners play a role in stabilizing the energy grid.
“I just ran into a guy that’s a huge fan of bitcoin and loves what we’re doing at CleanSpark Inc. in Georgia, Mississippi and Wyoming,” Schultz shared on X.
Jason Les, CEO of Riot Platforms Inc., also attended the meeting. Trump assured the attendees that he would advocate for Bitcoin miners if elected to the White House. This meeting is part of Trump’s broader strategy to appeal to crypto enthusiasts and new voters, as he has increasingly highlighted Bitcoin and other digital assets on the campaign trail.
Concerns about Energy and the Environment
The meeting comes at a time when Bitcoin miners are facing significant scrutiny over their energy consumption and environmental impact. Democrats have been vocal in their criticism, citing concerns about climate change and the strain on local power grids. Despite these challenges, Trump remains a staunch supporter of the industry, positioning Bitcoin mining as a countermeasure against central bank digital currencies (CBDCs).
The U.S. has become the epicenter of Bitcoin mining since China enforced an industry ban in 2021. The energy-intensive process of mining Bitcoin involves using powerful computers to validate transactions on the blockchain, earning rewards in the form of Bitcoin tokens.
According to reports, the U.S. consumes the most power for Bitcoin mining, accounting for one-third of the world’s electricity consumption at 145.6 GWh annually. China follows with 81.2 GWh, and Kazakhstan ranks third with 50.9 GWh.
