- Presidential candidate Donald Trump continues to make crypto a top campaign topic with a declaration of support for U.S. Bitcoin miners.
- In a Truth Social post, Trump states that Bitcoin mining is a defense against a CBDC, foreign adversaries and domestic opposition.
Trump’s Crypto Courting Continues with Appeal to Bitcoin Miners
Presidential candidate Donald Trump turned his attention to Bitcoin (BTC) miners in his latest attempt to bolster his crypto credentials.
Trump laid out his support for Bitcoin mining in a Truth Social post.
In that post, he stated that Bitcoin mining was a defense against the implementation of a CBDC in the U.S.
He also added that President Biden’s opposition to crypto empowered both foreign adversaries and domestic communists.
He closed his post by stating that he wants all the remaining Bitcoin mined in the U.S. and that Bitcoin mining helped achieve energy dominance.
While these are all superficial talking points, they align with Trump’s traditional style of attempting to understand and appeal to potential voters.
The debate for the crypto community is not Trump’s personal understanding of major crypto issues but rather his continued commitment to supporting crypto after the election.
Trump recently hosted Bitcoin miners at his Mar-a-Lago resort to reinforce his statements.
The U.S. is already a top source for the global Bitcoin hash rate, but there are potential national policies that could increase this share.
“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!!!”
– Donald Trump, presidential candidate, stated.
Trump Hosts Bitcoin Miners at Mar-a-Lago
Trump recently hosted several top U.S. Bitcoin miners at his Mar-a-Lago resort.
Prominent guests of the event included Riot Platforms and the Nasdaq-listed miner CleanSpark, Inc.
Trump’s most significant statement at the event was that he “loves and understands cryptocurrencies.”
He also told attendees that miners can help stabilize the energy supply.
Trump promised to advocate for miners as president after the 2024 election in November.
These statements were well-received by the mining community, which faces challenges over its environmental impact and effect on local energy grids.
The Democrat Party has supported increased scrutiny of the carbon emissions and energy consumption of the industry.
United States Tops Global Bitcoin Miners
While almost 90% of Bitcoin’s total 21 million supply has already been mined, the process will likely continue for another century.
As each individual bitcoin increases in value exponentially, the profit from mining even this small amount will continue to grow.
The U.S. supplanted China as the top country for miners in 2021 and currently produces ~35% of all mining.
Other top countries include Kazakhstan, Canada, Russia and Germany.
Industry experts argue that the U.S. could take an even larger share, though not close to the 100% that Trump suggested.
As the process of mining the last bitcoins becomes increasingly energy-intensive, domestic energy policies will decide which countries will be the best locations for miners.
The size of any excise taxes on mined bitcoins will also have a significant impact on profitability.
