Trump wants all bitcoin futures produced in the US – is that even possible?

Bitcoin mining It's big business in the US – but how big? And will Donald Trump's return to the White House make a difference?

President-elect last year he said.– along with many others Pro-crypto pledges– He wanted all remaining coins to be mined on American soil.

Spoiler alert: this is going to be very difficult, if not impossible.

Information compiled by TheMinerMag It shows US miners currently account for 40% of mining hashrate – more than any other country.

But experts said. Decrypt It is highly unlikely that the main pro-crypto commander will be able to transfer the remaining 60% of Bitcoin mining hashrate to the states.

“It's impossible in my opinion,” said Matthew Siegel, head of digital assets research at VanEck Decrypt. He added that mining operations around the world should be closed and operations in the US would take their place.

And said CJ Burnett, chief revenue officer of Compass Mining, which offers Bitcoin mining hosting and other services. Decrypt While his company is pleased with Trump's enthusiasm for the industry, moving all mining operations to the states is counterproductive.

“The US lacks the electrical infrastructure, physical computing hardware (mining machines) and low enough energy costs to be the only place to mine the remaining bitcoin.”

“Ultimately, Bitcoin mining will continue to be a globally distributed network driven by market economics, energy supply and globally controlled landscapes,” Burnett added.

b Bitcoin For the network to function as a payment network, miners work to add data-filled blocks — information about transactions — to a long-running, public ledger. blockchain.

As Bitcoin has grown since its inception in 2009, it has become the largest—and most secure—computer network. It is very difficult to add new blocks, and miners are now forced to use a lot of energy to do so.

Part of Bitcoin's nature is that it is decentralized, so anyone can participate in helping to run the network. As a result, miners are spread across the globe, although large operations tend to set up shop in locations that provide favorable (i.e. cost-effective) conditions to support profitable mining operations.

Other mining locations include Kazakhstan, Russia and Canada.

The US has become the leader in Bitcoin mining after China. kick off In the year A crackdown on the industry in 2021, pushing miners elsewhere. According to data from TheMinerMag, the top 20 public mining companies mined 3,794 bitcoins — worth about $366 million — in November alone.

And industry bigwigs are feeling confident about a Trump presidency.

“Bitcoin can be mined in the US and the revised US policy will certainly make it more attractive for miners to build in the US. [industry] growth,” said Roe Shirol, chief business officer at mining blockmetrics. Decrypt.

Frank Holmes, executive chairman of Hive Digital Technologies, said that “continued support for Bitcoin innovation” is coming under Trump's presidency.

And Burnett added that the change in sentiment around Bitcoin and the mining industry was “significant” with the Republican victory.

So far, the results have been striking: Shortly after the November 6 election, Bitcoin broke new highs following Trump's victory. It is the biggest coin. Currently trading Over $98,000 per coin, a nearly 1% jump in the past 24 hours, CoinGecko data shows. An all-time high of $108,135 was recorded on December 17.

There are many in the broader crypto industry. Now waiting A more favorable business climate in the U.S. compared to the deregulatory onslaught seen during the administration of Democrat President Joe Biden.

Edited by Stacey Elliott