ChainCatcher news, according to Caixin, the promise made by U.S. president-elect Trump that all remaining bitcoins should be 'Made in America' is likely one of the least achievable commitments.
Industry insiders generally believe that Trump's promise is more of a symbolic support for the cryptocurrency industry and is nearly impossible to realize in practical terms. This is because blockchain is a decentralized network, with no one controlling or being banned from participating in the process. The computational power of domestic miners in the U.S. is still far below half of the global total, making it nearly impossible for U.S. companies to fully support the entire Bitcoin network.
Ethan Vera, COO of Seattle-based Luxor Technology, which provides software and services for miners, stated, 'This is Trump-style rhetoric, but it is absolutely not reality.'
Analysts have also noted that U.S. economic sanctions and severe inflation in some emerging economies are prompting overseas miners to further expand their operations.
Taras Kulyk, CEO of Synteq Digital, said, 'Several different markets are experiencing significant growth.' The company is one of the largest brokers of computers dedicated to Bitcoin mining.
Kulyk stated that demand is increasing in Eastern European countries like Kazakhstan, with 'sales to Asia, Africa, and the Middle East all on the rise.'
Analysts have also pointed out that Trump's policies could pose challenges for U.S. miners, as his trade policies might lead to increased costs for Bitcoin mining equipment. For miners, electricity and equipment are the two largest expenses. However, for the overall cryptocurrency market, the benefits of Trump outweigh the drawbacks.
