Trump Pushes for U.S. Bitcoin Mining to Enhance Energy Dominance

Trump Pushes for U.S. Bitcoin Mining to Enhance Energy Dominance

FinanceBitcoin

By Jakub Lazurek

12 Jun 2024 (24 days ago)

3 min read

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Former President Trump pledges full support for U.S. Bitcoin mining, aiming for energy dominance and economic growth amidst rising political scrutiny.

Former President Donald Trump met with key Bitcoin mining industry figures at Mar-a-Lago on June 11, showing strong support for the sector. He emphasized the vital role of miners in stabilizing the national energy grid and promised to advocate for their interests both domestically and globally.

Following the meeting, Trump’s campaign posted on 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!!! It will help us be ENERGY DOMINANT!!!”

David Bailey, CEO of Bitcoin Magazine, highlighted the event on X (formerly Twitter), stating: “Today was a historic moment in our journey towards hyperbitcoinization. Trump gathered America’s hashrate and committed to championing our cause in DC and globally. BTC will THRIVE in the US. Orange Man+Orange Coin= Good.” Other industry leaders at the event shared similar sentiments.

Brian Morgenstern, Head of Public Policy at Riot Platforms (NASDAQ: RIOT), noted the productive talks with Trump, emphasizing the importance of Bitcoin mining and energy abundance in the U.S. Jason Les, CEO of Riot, praised the meeting: “Very good meeting with President Trump on Bitcoin and US energy dominance!!!” S Matthew Schultz, Executive Chairman and Co-Founder of Cleanspark, noted Trump’s support for their operations in states like Georgia, Mississippi, and Wyoming: “Trump LOVES what we’re doing at Cleanspark in Georgia, Mississippi, and Wyoming.”

Zach Bradford, CEO of Cleanspark Inc., highlighted the positive impact of Bitcoin mining on local communities and infrastructure: “We work hard every day making rural Georgia and Mississippi communities Great. BTC mining is building the infrastructure of the future, and we work hard to ensure America’s Bitcoin Miner has support from our leaders.” Amanda Fabiano, founder of Fabiano Consulting, stressed the need for informed political support: “Our industry faces political struggles fueled by misinformation. We need politicians interested in learning about Bitcoin’s benefits.”

Salman Khan, CFO at Marathon Digital (NASDAQ: MARA), appreciated the recognition of the industry’s importance and committed to advocating for its future.

This meeting occurs amid increased scrutiny from the Biden administration and Democratic lawmakers over Bitcoin mining's environmental impact. Trump's proactive stance, including promising to commute Ross Ulbricht’s sentence and accept Bitcoin for campaign donations, signals a potential shift in political dynamics that could impact the cryptocurrency industry.

The Mar-a-Lago gathering underscored Trump’s commitment to supporting the Bitcoin mining industry, reflecting a broader political battle over digital currencies. With Trump’s endorsement, miners hope for more favorable policies and recognition of their contributions to the energy grid and technological progress.

The discussion highlighted Bitcoin mining’s potential to aid in achieving energy dominance and fostering economic growth, especially in rural areas. Trump’s promise to champion Bitcoin on domestic and international stages marks a significant moment for the industry, setting the stage for future U.S. cryptocurrency policy developments.

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