Bitcoin mining 'Made in the USA'? This is Donald Trump's plan

Bitcoin mining ‘Made in the USA’? This is Donald Trump’s plan

13 June 2024

in Mining

Reading Time: 4 mins read

Donald Trump wants all the remaining Bitcoin to be “made in the USA.”
Bitcoin’s Miner Reserve sat at its lowest since February 2010.

In a post on the social media platform Truth Social on the 11th of June, Republican presidential candidate Donald Trump said that he wanted all remaining Bitcoin [BTC] to be,

“MADE IN THE USA!!!”

According to the presidential candidate, this would help the country remain “energy dominant.”

Trump made that post after meeting executives from Bitcoin mining companies, including CleanSpark Inc., Riot Blockchain, and Galaxy Digital, at his Florida Mar-a-Lago.

His recent post on Truth Social forms part of his recent pro-crypto campaign.

In May, The Trump campaign launched a fundraising page that allows “any federally permissible donor the ability to give” crypto assets accepted through Coinbase toward his presidential bid.

In the same month, Trump took to Truth to state that the United States should strive to be the leader in the cryptocurrency industry.

Trump’s recent endeavors stand in clear juxtaposition to President Joe Biden, who appears to have taken a stringent stance toward the industry.

For example, in his 2025 budget proposal, the president suggested a 30% tax on electricity used for Bitcoin mining and other regulations targeting the cryptocurrency industry.

Following Trump’s post, Bitcoin mining stocks have soared by double digits.

Among the top 10 largest Bitcoin miners by market capitalization, TeraWulf (WULF) and Hut 8 Mining (HUT) have seen their values rise by 11% and 10% in the past 24 hours, according to Google Finance.

Bitcoin Miner Reserve continues to crater

Since the conclusion of the fourth halving event on the 14th of April, Bitcoin’s Miner Reserve has dropped. At 1.81 million BTC as of this writing, the amount of coins held in affiliated miners’ wallets has been reduced by 0.33%.

According to CryptoQuant’s data, at press time, the Bitcoin Miner Reserve held the lowest number of coins since 2010.

Source: CryptoQuant

When the Miner Reserve declines this way, it suggests that many miners on the Bitcoin network are their coins for profit or to sort mining costs.

Further, after climbing to a year-to-date high of 118,627 on the 30th of March, Miner Deposit Transactions on the Bitcoin network have since plummeted.