- Donald Trump wants all the remaining Bitcoin to be “made in the USA.”
- Bitcoin’s Miner Reserve sat at its lowest since February 2010.
As a researcher with a background in cryptocurrencies and economics, I find Trump’s recent statements regarding Bitcoin intriguing. His desire to make all remaining Bitcoin “Made in the USA” could potentially lead to increased focus on Bitcoin mining operations within the country, which may have implications for energy consumption and the overall carbon footprint of the network.
On June 11th, Donald Trump, a potential Republican presidential nominee, expressed his desire on Truth Social to own all the remaining Bitcoins (BTC) he possesses.
“MADE IN THE USA!!!”
According to the presidential candidate, this would help the country remain “energy dominant.”
After interacting with top executives from Bitcoin mining firms such as CleanSpark Inc., Riot Blockchain, and Galaxy Digital during a recent gathering at Mar-a-Lago, I took to social media to express my thoughts.
His recent post on Truth Social forms part of his recent pro-crypto campaign.
In May, the Trump campaign initiated a fundraising platform where supporters, who are permitted by federal regulations, can contribute crypto assets, processed via Coinbase, towards his presidential campaign.
During the same month, Trump expressed his opinion on Truth (social media platform) that it is important for the United States to take the lead in the development of the cryptocurrency sector.
Trump’s more lenient approach towards the industry contrasts sharply with President Joe Biden’s firm position.
In his 2025 budget plan, the president proposed a 30% tax on the electrical power consumed during Bitcoin mining and other restrictive measures aimed at regulating the cryptocurrency sector.
Following Trump’s post, Bitcoin mining stocks have soared by double digits.
According to Google Finance, TeraWulf (WULF) and Hut 8 Mining (HUT) are two of the ten largest Bitcoin mining companies with market capitalizations that have experienced growth in the last 24 hours. Specifically, TeraWulf’s value has increased by 11%, while Hut 8 Mining’s value has risen by 10%.
Bitcoin Miner Reserve continues to crater
After the fourth bitcoin halving on April 14th, the Bitcoin miner’s reserve has seen a decrease. Currently, approximately 1.81 million BTC are stored in the wallets of affiliated miners – representing a 0.33% reduction from before the halving event.
Based on CryptoQuant’s latest data, the Bitcoin miner reserves currently hold the smallest amount of coins they have had since the year 2010.
When the miner reserve decreases, it’s a sign that numerous Bitcoin miners may be cashing out their cryptocurrency rewards or covering their expenses.
After reaching a peak of 118,627 transactions involving miner deposits on Bitcoin’s network on March 30th, there has been a significant decrease in such transactions.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
This metric tracks the total number of coin deposits made to miners’ wallets.
When it decreases, it means BTC miners are buying fewer coins.
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2024-06-13 21:12