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The commitment to mine all remaining Bitcoin in the U.S. by Mr. Trump is unlikely to become reality
As President-elect Donald Trump prepares to fulfill a long list of commitments from his campaign, the commitment that all remaining Bitcoin will be mined in the U.S. could be one of the most difficult to achieve.
Although seen as a symbolic support pledge, in reality, this is nearly impossible because blockchain is a decentralized network that no one controls or can be banned from participating in the process. In fact, this field is becoming increasingly competitive as large-scale mining operations emerge around the world to capture a share of the tens of billions of dollars in revenue generated by the industry each year.
Russian oligarchs, the royal family of Dubai, and Chinese entrepreneurs in Africa are some of the latest competitors. Their ample funding and access to enormous power sources are driving them to engage in this profitable yet energy-intensive process. Currently, about 95% of the 21 million Bitcoin have been mined, although the production cap is not expected to be reached for approximately another 100 years.
The Bitcoin mining industry in the U.S. has transformed into a multi-billion dollar industry over the past few years as Bitcoin prices have skyrocketed. However, the total computing power generated by mining companies in the U.S. is much lower than 50%, and domestic companies cannot power the entire network.