President Trump has called for all remaining bitcoins to be mined in the U.S., but experts say practical considerations such as global competition and the decentralized nature of bitcoin could make that nearly impossible.
In June, President Trump met with executives from U. S. #bitcoin #mining companies at Mar-a-Lago to discuss the potential for job creation and energy dominance, with representatives from Riot Platforms, MARA Holdings, TeraWulf, CleanSpark and #Core Scientific in attendance.
After the meeting, Trump said on social media Truth: "Biden's hatred of bitcoins will only help China, Russia and the radical communist left. We want all remaining bitcoins to be produced in the US! That way we can become an energy dominant nation.
After his initial pledge, Trump continued to emphasize his commitment to domestic bitcoin production. In subsequent speeches, he has also said that if #cryptocurrencies are going to have any impact in the future, he wants them mined in the U. S.
However, experts are skeptical about the feasibility of Trump's promises.
"Trump-inspired comments, but definitely not true, said a spokesperson for a mining company. Ethan Vera, chief operating officer of Seattle-based Luxor Technology, which provides software and services for miners, told Bloomberg.
With about 95% of the 21 million bitcoins already mined, controlling future mining will be a major challenge, said Taras Kulik, CEO of
Synteq Digital, which has always been global. The U. S. cannot monopolize bitcoin mining. Currently, U. S. miners account for less than 50% of the total computing power used to mine bitcoin.
Meanwhile, countries like China, Kazakhstan and Russia have become major bitcoin miners due to lower energy costs and less regulatory oversight.
Russia recently introduced a legal framework that defines the rights and obligations of miners. The law, signed by President Vladimir Putin, recognizes mining as a legal economic activity and allows registered legal entities and individual entrepreneurs to engage in it.
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