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特朗普最难兑现的承诺:剩余的比特币都“在美国制造”

The hardest promise for Trump to fulfill: the remaining Bitcoins are all "made in the USA."

Golden10 Data ·  Dec 26, 2024 13:57

Trump may bring headwinds for miners in the USA, especially when mining machines are one of the main expenses.

As Trump prepares to fulfill a long list of campaign promises, the elected president vows to ensure that all remaining Bitcoins are 'made in the USA,' which could become one of his most difficult commitments to achieve.

This promise was made by Trump on his Truth Social account after meeting with a group of Crypto mining executives at Mar-a-Lago in June. These companies operate large, high-tech Datacenters, processing work on the blockchain in exchange for payment in Bitcoin or other Cryptos. This meeting marked a key turning point for Trump, shifting from a crypto skeptic to one of the strongest supporters of the Industry.

‘This is a typical Trump-style comment, but it doesn’t really align with reality,’ said Ethan Vera, COO of Luxor Technology, a company that provides Software and services to miners.

Although widely viewed as a symbolic support statement, it is practically impossible to achieve as the blockchain is a decentralized network where no one can control or prohibit others from participating. In reality, with large-scale operations springing up around the world, the field is becoming increasingly competitive for a share of the industry's billions in annual revenue.

Russian oligarchs and Dubai royalty are among the latest entrants into the competition. Their deep pockets and access to large amounts of Energy are prompting them to join this lucrative yet energy-intensive process. Approximately 95% of the 21 million Bitcoins that will eventually be created have already been mined, but according to the hard cap, it is expected to take about another 100 years to complete all production.

In recent years, with the exponential rise in token prices, Bitcoin mining in the USA has evolved into a multi-billion dollar Industry. However, according to Industry Analysts, the total computing power from American miners is far below 50%, and domestic companies cannot fully support the entire network.

While there is no public data indicating the source of computing power by region, large Crypto mining service providers like Luxor tend to have a good understanding of the composition. They improve miners' chances of obtaining Bitcoin rewards through Software that aggregates computing power, hence having more specific information on mining locations.

Mining companies in the USA, such as CleanSpark Inc. and Riot Platforms Inc., quickly supported Trump, hoping that the former president could ease the scrutiny on the environmental impacts of high-energy processes, curb foreign competition, and reverse the restrictive guidelines perceived under the Biden administration. Trump's support for Bitcoin helped him raise approximately $0.135 billion in campaign donations during the last election cycle, the largest contribution from any single industry.

Despite the rapid expansion of the market in the USA and the recent bull market in Cryptos, overseas miners have further expanded their Business due to American economic sanctions and inflation in some emerging economies.

"Several different markets are poised for significant growth," said Taras Kulik, CEO of Synteq Digital, one of the largest Bitcoin mining computer brokers. Kulik pointed out that demand is increasing in Eastern European countries like Kazakhstan, while sales are also rising in Asia, Africa, and the Middle East.

According to Kulik, the easing of Russia's stance on Bitcoin has also prompted a recovery in the country's Industry.

For some countries in Africa and South America, the profitability of Bitcoin mining is much greater than that of their American counterparts. Certain regions of Africa have cheap Energy supplies, with Ethiopia being one of the fastest-growing Bitcoin mining hubs on the continent, thanks to its rich hydro resources. Dollar-denominated mining income provides local operators in countries like Argentina a way to avoid inflation spirals and protect their savings.

Even American miners have begun to expand overseas due to rising costs of Electrical Utilities in states like Texas. The largest Market Cap mining company, MARA Holdings Inc., announced plans to form a joint venture with a local company owned by a sovereign wealth fund in Abu Dhabi. This joint venture aims to establish one of the largest mining farms in the Middle East.

Operations within the USA are not solely for domestic miners. Many miners offer hosting services, allowing both Americans and overseas individuals to purchase machines and pay these operators to run the machines to earn Bitcoin.

Trump might also bring another headwind to American miners: trade conflicts could increase the costs of Bitcoin mining machines, especially when machines are one of the two major expenses for miners aside from Electrical Utilities. However, for many miners, the benefits brought by Trump outweigh the damages.

"Trump may be the most beneficial thing for Bitcoin mining," Kulik said. "He is a president who supports Energy and economic growth."

The translation is provided by third-party software.


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