As President Donald Trump accelerates his bid to return to the White House, his promise to ensure all Bitcoin is “made in the USA” has drawn both interest and skepticism from the cryptocurrency industry. This ambitious promise, announced on Truth Social in June following a meeting with crypto mining executives, shows Trump transforming from a crypto skeptic to a staunch industry ally. But experts say this suggestion is far from realistic. Bitcoin’s decentralized nature is one of its key features, making it impossible for any one country to dominate its production. “It’s a Trumpian comment, but it’s absolutely not based on reality,” said Ethan Vera, chief operating officer of Luxor Technology, a Seattle-based firm specializing in crypto mining services. With more than 95% of Bitcoin already mined, the remaining tokens will be minted over the next century via a global network of miners. These miners, who typically operate massive, energy-intensive data centers, compete to verify transactions and earn Bitcoin rewards. But the mining industry is increasingly global, with operators from Russia, China, Africa, and the Middle East vying for a share of the market. The U.S. has emerged as a major hub for bitcoin mining in recent years, driven by rising coin prices and large-scale investments from companies like CleanSpark and Riot. But American miners account for less than 50% of the global computing power needed to keep the bitcoin network afloat, according to industry analysts. Related News: Following Gensler's Resignation and the Trump Administration, the SEC's Cryptocurrency Stance is Projected to Change: What's the Status of the Crypto Lawsuits? Meanwhile, international competition continues to grow. In Eastern Europe, countries like Kazakhstan are seeing a surge in demand for mining infrastructure. China is reportedly seeing renewed activity despite its 2021 crypto mining ban. Africa, with its abundant hydropower, is fast becoming a hub, especially in Ethiopia. Even US-based mining firms like MARA are expanding overseas, including plans for a large-scale facility in Abu Dhabi. Trump’s promise also faces domestic and international hurdles. Rising U.S. energy costs and potential trade conflicts with China could increase miners’ operating expenses. Most of the Bitcoin mining equipment is made by China’s Bitmain, making American miners dependent on foreign supply chains. Additionally, Trump’s campaign rhetoric could inadvertently impact miners who offer hosting services, where customers from around the world rent capacity in U.S. facilities to mine Bitcoin. Despite the obstacles, many in the industry see Trump’s support as a net positive. His pro-energy stance and criticism of the Biden administration’s environmental regulations have won him favor among U.S. miners. During the last campaign, the crypto industry contributed $135 million to Trump’s fundraising efforts, the most of any industry. *This is not investment advice. Continue Reading: Will Donald Trump Really Make All Bitcoins Made in the US? What Will Be the Outcome? Here’s the Truth
