US presidential candidate Donald Trump has declared his support for the Bitcoin mining industry, emphasizing his ambition for the United States to dominate this sector.
In a recent post on his social media platform, Truth Social, Trump declared his desire for “all the remaining Bitcoin to be MADE IN THE USA” suggesting that such a move would bolster the country’s energy independence. He further claimed that Bitcoin represents the nation’s “last line of defence” against implementing a central bank digital currency (CBDC).
Trump’s declarations came after he concluded a strategic meeting with executives from several prominent US crypto mining firms. The meeting, held at Trump’s Mar-a-Lago residence in Florida late Tuesday, June 11, 2024, featured notable figures such as Jason Les and Brian Morgenstern from Riot Platforms, Matthew Schultz from CleanSpark, and Amanda Fabiano from TeraWulf.
Trump’s support for Bitcoin mining is a significant shift from his earlier stance on cryptocurrencies. In 2021, he referred to Bitcoin as a “scam.” However, his current endorsement appears to be a strategic move to garner favour with influential lobbying groups within the cryptocurrency industry ahead of the 2024 presidential election. Recently, Trump has even labelled himself the “crypto president,” asserting that the US must strive for a leading position in the crypto space.
His major potential opponents in the polls, current President Joe Biden and independent candidate Robert F. Kennedy Jr., have also tried to woo the crypto industry, though not as overtly as Trump. Notably, President Biden proposed a 30% electricity tax on Bitcoin miners, citing concerns about emissions, energy consumption, and the impact on the power grid.
Amidst these political developments, the Bitcoin mining sector has been a hotbed of activity. Companies are actively seeking to strengthen their operations, expand capabilities, and solidify their positions in the increasingly competitive market. Bitdeer Technologies Group secured over $100 million in investment from USDT issuer Tether to expand its data centres, develop mining rigs, and support other parts of its operations.
Bitcoin mining firm Core Scientific also reported a net positive financial performance for the first quarter of 2024, the first time since emerging from bankruptcy. CEO Adam Sullivan noted the company’s strategic positioning to capitalize on the growing demand for power and infrastructure in the Bitcoin mining sector.
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