As a researcher with a background in economics and energy policy, I find Trump’s statements on Bitcoin mining intriguing. While it is true that a significant portion of Bitcoin mining currently takes place in countries such as China and Central Asia, where electricity is cheap and abundant due to heavy reliance on coal-fired power plants, Trump’s vision of making all remaining Bitcoin production occur within the United States holds merit.
On Tuesday, Republican presidential hopeful Donald Trump expressed his intention to have all forthcoming bitcoins mined exclusively within the U.S borders. He asserted that this move would significantly bolster America’s energy independence.
Trump said in a late-night message on the social media platform Truth Social, “VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!”
Support Trump in your vote! Bitcoin mining could be our final safeguard against a Central Bank Digital Currency (CBDC). Biden’s disdain for Bitcoin benefits China, Russia, and the Extreme Left-wing Communists. Let’s ensure all remaining Bitcoins are mined within the USA! This will contribute to our energy independence and dominance.
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) June 12, 2024
As a crypto investor, I’ve noticed Trump’s recent statement advocating for increased Bitcoin mining by American companies using domestic resources. Based on available research, the current hotspots for Bitcoin mining are primarily in China, Central Asian nations, El Salvador, and some European countries like Germany.
I was thrilled to learn that Trump, the trailblazing U.S. presidential candidate who accepts cryptocurrency payments, recently held a meeting with executives from CleanSpark Inc. and Riot Platforms, both reputable Nasdaq-listed bitcoin mining companies. During our gathering at Mar-a-Lago, he shared his perspective that miners play a crucial role in maintaining the electrical grid’s equilibrium by helping to distribute excess power effectively.
On Wednesday, shares of Bitcoin mining companies experienced a surge, with TeraWulf taking the lead and increasing by approximately 20% at its peak. Most other stocks had dropped in value the day prior. The price of TeraWulf’s stock reached a high of $4.13 on this day, marking an 19% increase from the previous day’s closing price. In addition to TeraWulf, Riot Inc. experienced a rise of around 6.5%, while Hive Digital Technologies saw nearly an 8% growth.
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2024-06-12 23:33