Donald Trump wants all new bitcoins to be mined exclusively in the US in the future. Is this realistic?
The newly elected US President made many promises regarding the crypto industry during the election campaign. For example, he declared his readiness to fire the current Chairman of the Securities and Exchange Commission Gary Gensler, who will indeed resign on January 20. The politician also promised to support the coin mining industry and even stated that he expects BTC miners to become more active in America. However, judging by the experts’ responses, it is generally impossible to fulfill such a promise.
Crypto enthusiasts are expecting major changes for the niche after Trump’s inauguration on January 20. After all, the newly elected president has already chosen Paul Atkins, who is well-disposed towards cryptocurrencies, as the SEC chairman.
The politician also chose former PayPal COO David Sachs to be responsible for policy in the field of artificial intelligence and cryptocurrencies. Accordingly, the coin industry can really move into an active phase of development in the United States.
Against the backdrop of such expectations, analysts began to recall how Bitcoin behaved after Trump’s debut victory in the 2016 elections. They compared the changes in the value of the first cryptocurrency during that period with what is happening today – the following was obtained.
Comparing Bitcoin’s Performance After Trump’s 2016 and 2024 Election Wins
As you can see, about a year after the previous election, BTC rose in price to then unprecedented heights and the peak of the corresponding bull run.
Another thing to consider is the dollar. The US dollar index has weakened significantly during Trump’s first term, which could be considered favorable conditions for Bitcoin and other cryptocurrencies.
Comparison of the dollar index’s behavior after Trump’s 2016 and 2024 election victories
However, when the dollar weakens, investors are looking for alternative instruments to invest their capital. And if the situation repeats itself now, digital assets will definitely be in the field of view of capital holders.
Where will Bitcoin be mined the most?
Trump touched on the topic of BTC mining in June 2024, when he said that mining the first cryptocurrency could be the “last line of defense against central bank digital currencies,” and that the remaining bitcoins should be mined in the United States so that the country could dominate the energy sector.
ASIC miner for Bitcoin mining
At the time, the US president’s stance on crypto was still a novelty, and so it was received positively. However, even at that point, it was clear that Trump’s statement would not be enough to turn America into a dominant player in BTC mining.
Let us recall that the Bitcoin network is decentralized, which means that its participants are equal. Thus, anyone can purchase a special ASIC device and use it to mine BTC. Sometimes this may not be economically profitable, but such an opportunity is always there, which is why Trump's promise seemed unrealistic from the very beginning.
By the way, if you have a video card, you can also get bitcoins. To do this, use it to mine popular altcoins and enable automatic exchange of rewards for BTC, which will be sent to the desired address. Details of the scheme and simple settings are in this article.
Analysts interviewed by Decrypt journalists confirmed the version that mining all BTC exclusively in the United States is impossible . This statement was made by Matthew Siegel, head of digital asset research at the large investment fund VanEck. According to him, in order to implement Trump’s promise, all bitcoin mining in other countries must cease.
Compass Mining financial manager CJ Burnett noted that he and his colleagues are happy with Trump’s support for the crypto mining industry. However, moving all BTC mining operations to America would be at the very least impractical. Here’s his response.
The US does not have the necessary electrical infrastructure, physical computing hardware, or low enough energy costs to be the only place to mine all the remaining BTC.
In other words, many miners find it more profitable to continue working in their region due to various features. For example, this could be more affordable electricity, easier taxation, or various incentives for doing business from the state.
Burnett continues.
Ultimately, Bitcoin mining remains a globally distributed network, driven by market economics, energy availability, and regulatory conditions around the world.
According to TheMinerMag, the US currently accounts for about 40 percent of the Bitcoin network hashrate — the total computing power of all devices used to mine BTC. This is the best result of all countries.
Share of the largest mining pools in the total number of mined bitcoins
There is also a high concentration of BTC miners in Kazakhstan, Russia and Canada.
Analysts note that the twenty largest American public Bitcoin mining companies mined 3,794 BTC in November 2024. The network of the first cryptocurrency issues an average of 13,500 coins per month, taking into account the current block reward of 3.125 BTC. This means that we are talking about 28 percent of the total figure.
Ro Shirole, head of business development at mining company Blockmetrix, also shared his opinion on the situation.
Bitcoin mining may indeed be becoming an increasingly popular activity in the United States. Moreover, improvements in cryptocurrency regulation in the country could well make it more attractive to miners, thus facilitating accelerated growth in the industry.
The conclusions from the experts' comments are obvious: the US will not become a country whose citizens will be responsible for creating all new BTC in the future. And although American miners are able to improve their positions by reducing the cost of electricity, as Trump previously mentioned, players from other countries will continue to do their business. This means that competition in the industry will only increase.
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