Donald Trump sees it as the last line of defense against CBDCs, wants all remaining Bitcoin to be “Made in the USA”

On Tuesday, Trump met with executives from Nasdaq-listed bitcoin mining companies CleanSpark Inc. and Riot Platforms.

Trump said he wants all remaining bitcoin to be made in the United States, reiterating that this would help the U.S. become an energy dominant nation.

Trump’s post on Truth Social underscored this stance.

“Bitcoin mining could be our last line of defense against CBDCs. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all remaining Bitcoin to be made in the U.S.!!! This would help us become energy dominant,”

Currently, bitcoin mining is popular in China, Central Asia, El Salvador, and parts of Europe, such as Germany.

U.S. Becomes Largest Bitcoin Mining Market After China Bans Cryptocurrency

In China, China’s strict regulations have had a significant impact on its bitcoin mining industry. The 2021 ban has led to a sharp drop in Chinese mining activity.

After the ban, many Chinese miners either closed their mines or moved their operations overseas. Despite this, China still contributes a significant portion of the global hash rate due to the resilience and adaptability of Chinese miners. They often operate covertly to evade detection and take advantage of periods of less regulatory scrutiny

Chinese miners rely primarily on hydropower, a cheaper and more sustainable energy source, especially during the rainy season. This seasonal mining strategy helps them remain competitive in a strict regulatory environment.

But the United States has emerged as a leading Bitcoin mining hub following China's 2021 ban on cryptocurrency mining. The United States accounts for a significant share of the global Bitcoin mining hash rate by 2024, with large mining operations in states such as Texas, which are known for low electricity costs and supportive regulatory frameworks.

U.S. mining operations generally benefit from relatively low electricity costs, which is critical to profitability, especially as the upcoming Bitcoin halving will reduce mining rewards. U.S. facilities are increasingly using energy-efficient mining equipment, and some are strategically located to utilize renewable energy or other wasted energy, such as flared natural gas.

The United States is expected to continue investing in expanding its mining infrastructure, with companies planning to significantly increase capacity in the coming years. This expansion could allow the United States to maintain its lead in Bitcoin mining, especially if Bitcoin prices remain high, providing an incentive for continued investment in mining operations.

According to data, the supply of Bitcoin is capped at 21 million, and it is planned that all Bitcoins will be mined in 2140. So far, 93.984% of the total Bitcoins have been mined.

Source: Bitbo