As Donald Trump prepares to fulfill his campaign promises, ensuring that all remaining Bitcoin is “made in the USA” may prove one of the most challenging tasks. The president-elect made this pledge after meeting with crypto miners, who are major beneficiaries of his industry support.
However, blockchains are decentralized networks where no single entity controls or can be banned from participation, making it practically impossible for US-based companies to power the entire network alone. Instead, large-scale operations are emerging globally, with Russian oligarchs, Dubai royal families, and Chinese businessmen investing heavily in crypto mining.
About 95% of the 21 million Bitcoin that will ever be created have already been minted, but the hard cap on production isn’t expected to be met for around 100 years. The US has a multi-billion dollar industry in crypto mining, but its computing power is only about 50%, making it impossible for domestic companies to power the entire network.
Despite this, Trump’s support of crypto has generated significant campaign contributions and has been welcomed by US miners, who hope he will ease scrutiny on environmental impact, curb competition from overseas, and roll back restrictive guidelines under the Biden administration. However, a trade war with China could raise costs for Bitcoin mining machines, which are mostly manufactured by a Chinese company.
Industry experts argue that Trump’s support is crucial for the growth of the industry, citing his “pro-energy and pro-economic growth” approach as a positive influence. Despite these challenges, many miners remain optimistic about Trump’s presidency, seeing it as an opportunity for American leadership and innovation in the cryptocurrency industry.
Source: https://finance.yahoo.com/news/trump-made-usa-bitcoin-promise-130000333.html