Donald Trump will be inaugurated this month—but how likely is the President-elect's pledge that all Bitcoin will be mined in the States?
Bitcoin mining is a big business in the U.S.—but how big? And will Donald Trump's return to the White House make a difference?
The President-elect last year said—along with plenty of other pro-crypto pledges—that he wanted all remaining coins to be mined on American soil.
Spoiler alert: This will be very difficult, if not impossible.
Data compiled by TheMinerMag shows that U.S. miners currently account for around 40% of the mining hashrate—more than any other country.
But experts told Decrypt that it is highly unlikely the pro-crypto commander in chief will be able to shift the remaining 60% of the Bitcoin mining hashrate to the states.
“It’s impossible, in my opinion,” head of digital assets research at VanEck, Matthew Sigel, told Decrypt. He added that mining operations all around the world would have to shut down, and operations in the U.S. would have to take their place.
And CJ Burnett, chief revenue officer at Compass Mining, which provides Bitcoin mining hosting and other services, told Decrypt that while his company was excited about Trump’s “eagerness” for the industry, it would be impractical to move all mining operations to the States.
“The U.S. lacks the electrical infrastructure, physical computing hardware (mining machines), and sufficiently low energy costs to become the only place for mining all remaining Bitcoin,” he said.
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