Trump vows to make US a Bitcoin mining powerhouse if re-elected Trump vows to make US a Bitcoin mining powerhouse if re-elected
Embracing Bitcoin mining could be pivotal in Trump's envisioned energy strategy.
2 min read
Updated: Jul. 10, 2024 at 12:54 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
Former US President Donald Trump has shifted his attention to Bitcoin miners in his drive towards embracing the crypto industry.
In a June 12 post on Truth Social, Trump expressed support for Bitcoin mining, highlighting its potential to bolster energy dominance. He pledged to support these technologies, especially if he is re-elected as US president. He wrote:
“Bitcoin mining may be our last line of defense against a CBDC. Bidenโs hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
This statement follows a recent meeting on June 11 with several prominent US Bitcoin miners, including representatives from CleanSpark, Riot Platforms, and Marathon Digital.
Matthew Schultz, the Executive Chairman of CleanSpark, claimed that Trump has a proper understanding of the sector.
Similarly, Brian Morgenstein, the head of policy at Bitcoin miner Riot Platforms, reportedly said:
“President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry.”
David Bailey, CEO of Bitcoin Magazine, another attendee, described the meeting as “a historic moment in our journey towards hyperbitcoinization.” He added:
“The former and next President of the United States gathered Americaโs hashrate and committed to championing our cause in DC and on the global stage. Bitcoin will THRIVE in the US.”
These developments come as crypto miners face increased scrutiny over their environmental impact and the strain on local power grids. Earlier in the year, US authorities attempted to collect data about crypto miners’ energy consumption rate but were met with stiff opposition from stakeholders in the sector. Trump’s support for the sector has the potential to influence political perceptions about how it operates.
Meanwhile, the former president’s support for cryptocurrencies seems to be boosting his election chances. On Polymarket, a leading crypto-based prediction platform, Trump holds a 56% probability of winning, while Joe Biden’s chances have dropped to 35%.
June 12 UPDATE: Properly attributed Morgenstein’s statement
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Bitcoin Magazine
Bitcoin Magazineย is the oldest and most established source of news, information and expert commentary on Bitcoin, its underlying blockchain technology and the industry that has been built up around it.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Joe Biden, byname of Joseph Robinette Biden Jr., is an American politician and the 46th and current president of the United States.
