Donald Trump is actively courting the Bitcoin mining industry as part of his latest pro-crypto initiative. On June 11, the former president met with Bitcoin mining executives at his Mar-a-Lago resort.
Trump expressed his desire for all remaining Bitcoin (BTC) to be mined within the United States, highlighting the potential benefits for the domestic energy industry and national security.
“Bitcoin mining may be our last line of defense against a CBDC,” Trump posted on Truth Social. “We want all the remaining Bitcoin to be made in the USA! It will help us be energy dominant.”
The meeting included executives from notable Bitcoin mining companies such as CleanSpark Inc., Riot Blockchain, and Galaxy Digital. Bitcoin’s supply is capped at 21 million coins, with nearly 94% already mined, primarily in areas with affordable renewable energy like China. The final Bitcoin is expected to be mined by 2140.
Amanda Fabiano, head of mining at Galaxy Digital, who attended the meeting, emphasized the benefits of promoting the Bitcoin mining industry for strengthening the U.S. electrical grid and creating jobs, particularly in small-town areas. She noted the industry’s struggles with political opposition and misinformation.
Matthew Schultz, co-founder of CleanSpark, also attended the meeting and shared that Trump committed to supporting the Bitcoin mining industry if re-elected. This stance comes in contrast to President Joe Biden’s proposal for a 30% tax on electricity used for Bitcoin mining, part of broader regulatory measures aimed at the cryptocurrency industry.
Despite his support, Trump did not provide specific policy proposals to aid the U.S. mining sector. His recent remarks are seen by some as an attempt to gain favor from the crypto industry ahead of the 2024 election. In the past, Trump has been critical of Bitcoin, calling it a “scam” in 2021.
The Bitcoin mining sector recently faced challenges following the quadrennial Bitcoin halving event in April, which reduced mining rewards by half. This led to a drop in the Bitcoin hash rate and forced many inefficient miners offline. Some miners have been selling off their reserves, anticipating higher BTC prices in the future.
Despite skepticism from some in the web3 community about Trump’s promises, his pro-cryptocurrency stance has garnered support from industry leaders. He reportedly raised $12 million at a Silicon Valley fundraising event on June 6 and announced he would accept political donations in cryptocurrencies.
