The incoming U.S. President Trump ensuring that all remaining Bitcoin is 'Made in America' should be one of the least feasible promises.
Industry insiders generally believe that Trump's promise is more of a symbolic support for the cryptocurrency industry, which is virtually impossible to implement in practice. Because the blockchain is a decentralized network, no one controls or is prohibited from participating in the process. The computing power of domestic miners in the U.S. is still far below half of the global total, so it is almost impossible for American companies to fully support the entire Bitcoin network.
Ethan Vera, COO of Seattle-based Luxor Technology, which provides software and services for miners, said, 'This is a Trump-style statement, but it is absolutely not reality.'
Analysts have also pointed out that U.S. economic sanctions and severe inflation in some emerging economies have prompted overseas miners to further expand their businesses.
Taras Kulyk, CEO of Synteq Digital, said, 'There have been huge growths in several different markets.' The company is one of the largest brokers of computers dedicated to Bitcoin mining.
Kulyk said that demand has increased in Eastern European countries like Kazakhstan, 'Sales to Asia, Africa, and the Middle East are all on the rise.'
There are also analyses indicating that Trump's policies could pose challenges for U.S. miners, such as his trade policies potentially leading to increased costs for Bitcoin mining equipment. For miners, electricity and equipment are the two biggest expenses. However, for the overall cryptocurrency space, the benefits of Trump outweigh the drawbacks. (Financial News)

#BTC