Trump Wants to End Mining in the US. How Feasible is it?
Because one of Trump's election promises on cryptocurrency cannot be kept from the start.
Why one of Trump's election promises on cryptocurrencies cannot be fulfilled from the outset.
The US President-elect, Donald Trump, has talked a lot about the development of the cryptocurrency market, including creating the conditions for the US to become a global hub for cryptocurrencies. Despite the optimism of many representatives of the crypto market regarding the fulfilment of Trump's promises, some of them will be extremely difficult to realise. As Bloomberg wrote, citing interviewed experts, one of the most complex goals is the promise that all remaining bitcoins will be 'produced in the United States'.
In June 2024, Trump announced on his social network Truth Social his desire to create conditions for mining the remaining bitcoins in the United States. The statement was made after a meeting Trump had with representatives of large mining companies in June. Subsequently, several miners publicly supported his candidacy. In addition, the largest mining company, MARA, announced that all new transaction blocks in the Bitcoin network mined in the US will be labelled as "Made in USA".
Truth Social
"It's a typically Trump-style comment, but it's not really true," said Ethan Ver, chief operating officer of mining equipment provider Luxor Technology.
In practice, fulfilling Trump's promise to mine all remaining bitcoins is nearly impossible. This is because the bitcoin network is a decentralised structure, where no one can stop someone else from participating. Anyone with the equipment, power and Internet access can connect to the mining process from anywhere in the world.
In addition, there are few bitcoins left to mine. As of 27 December, according to the Clarkmoody service, only 5.7 per cent of bitcoins are still to be mined. This means that about 1.2 million bitcoins remain to be mined, the value of which, at the time of publication, is $115 billion.
Bitcoin mining is a billion-dollar industry and a global business, completely independent of the decisions or opinions of any particular jurisdiction. There is also no technological way to determine exactly who is mining bitcoin and where. There is no overall map or reliable method to calculate these metrics.
"A huge increase is expected in several markets. Eastern European countries like Kazakhstan are experiencing increased demand. And sales to Asia, Africa, and the Middle East are growing," said Taras Kulik, CEO of Synteq Digital, a brokerage that specialises in bitcoin mining equipment.
In addition, many modern mining devices are being manufactured outside of the United States, spreading across the globe from Russia to Ethiopia. For example, according to Hong Kong publication Wen Wei Po, equipment from the world's largest manufacturer, Bitmain - hundreds and thousands of units - has been shipped to customers in Russia, Ethiopia, the United States, and Canada.
Bloomberg Experts: Trump's Plan to Close Bitcoin Mining in the United States is Impossible
The choice of location for mining is mainly related to access to cheap electricity. According to Bloomberg, in some African and South American countries, the margin from bitcoin mining is much higher than in their American counterparts. And Ethiopia, rich in hydropower, is one of the fastest-growing cryptocurrency mining centres on the continent.
In addition, American mining companies that supported Trump in the election are also developing their business outside the country. For example, MARA has been involved in the construction of mining centres in the Middle East since 2023.
Consequently, Trump only has a theoretical chance of fulfilling his promise to mine all remaining bitcoins in the United States. However, his possible contribution to the development of the industry is rated by experts as the "best" option for mining companies.
Why one of Trump's election promises on cryptocurrencies cannot be fulfilled from the outset.
The US President-elect, Donald Trump, has talked a lot about the development of the cryptocurrency market, including creating the conditions for the US to become a global hub for cryptocurrencies. Despite the optimism of many representatives of the crypto market regarding the fulfilment of Trump's promises, some of them will be extremely difficult to realise. As Bloomberg wrote, citing interviewed experts, one of the most complex goals is the promise that all remaining bitcoins will be 'produced in the United States'.
In June 2024, Trump announced on his social network Truth Social his desire to create conditions for mining the remaining bitcoins in the United States. The statement was made after a meeting Trump had with representatives of large mining companies in June. Subsequently, several miners publicly supported his candidacy. In addition, the largest mining company, MARA, announced that all new transaction blocks in the Bitcoin network mined in the US will be labelled as "Made in USA".
In practice, fulfilling Trump's promise to mine all remaining bitcoins is nearly impossible. This is because the bitcoin network is a decentralised structure, where no one can stop someone else from participating. Anyone with the equipment, power and Internet access can connect to the mining process from anywhere in the world.
In addition, there are few bitcoins left to mine. As of 27 December, according to the Clarkmoody service, only 5.7 per cent of bitcoins are still to be mined. This means that about 1.2 million bitcoins remain to be mined, the value of which, at the time of publication, is $115 billion.
Bitcoin mining is a billion-dollar industry and a global business, completely independent of the decisions or opinions of any particular jurisdiction. There is also no technological way to determine exactly who is mining bitcoin and where. There is no overall map or reliable method to calculate these metrics.
"A huge increase is expected in several markets. Eastern European countries like Kazakhstan are experiencing increased demand. And sales to Asia, Africa, and the Middle East are growing," said Taras Kulik, CEO of Synteq Digital, a brokerage that specialises in bitcoin mining equipment.
In addition, many modern mining devices are being manufactured outside of the United States, spreading across the globe from Russia to Ethiopia. For example, according to Hong Kong publication Wen Wei Po, equipment from the world's largest manufacturer, Bitmain - hundreds and thousands of units - has been shipped to customers in Russia, Ethiopia, the United States, and Canada.
Bloomberg Experts: Trump's Plan to Close Bitcoin Mining in the United States is Impossible
The choice of location for mining is mainly related to access to cheap electricity. According to Bloomberg, in some African and South American countries, the margin from bitcoin mining is much higher than in their American counterparts. And Ethiopia, rich in hydropower, is one of the fastest-growing cryptocurrency mining centres on the continent.
In addition, American mining companies that supported Trump in the election are also developing their business outside the country. For example, MARA has been involved in the construction of mining centres in the Middle East since 2023.
Consequently, Trump only has a theoretical chance of fulfilling his promise to mine all remaining bitcoins in the United States. However, his possible contribution to the development of the industry is rated by experts as the "best" option for mining companies.
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