Trump to Promote Bitcoin Mining at Nashville Conference
Donald Trump is intensifying his support for Bitcoin, hinting at a potentially lax regulatory environment for block reward mining in the United States, which could come at a significant cost to the nation, according to Coingeek.
Confirmed to speak on July 27 at a BTC conference in Nashville, Trump will deliver a 30-minute address on the final day of the event. He is expected to elaborate on his recent pro-crypto stance, especially his endorsement of the BTC mining industry.
Amidst President Biden’s recent debate performance, Trump has gained a clear lead in the polls. His team continues to seek advantages that might attract swing voters. A new poll from VC firm Paradigm indicated that “crypto helps persuade Never Trump Republicans to vote for Trump” and that “Republicans who own crypto are more non-white and younger than typical Republicans,” demographics crucial for Trump’s campaign.
The GOP’s 2024 platform, heavily influenced by Trump, includes a section on ‘Champion Innovation,’ pledging to “end Democrats’ unlawful and unAmerican Crypto crackdown” and to “defend the right to mine” BTC. This document bears Trump’s distinctive style, reflecting his personal edits.
In June, Trump met with U.S.-based mining operators from companies like Riot Platforms, Marathon Digital, and Core Scientific. He later expressed on Truth Social that BTC mining could be a crucial defense against central bank digital currencies, advocating for all remaining BTC to be “MADE IN THE USA!!!”
Trump’s understanding of Bitcoin appears limited, previously labeling it a “scam against the dollar” but now accepting campaign contributions in BTC and aiming to be the first “crypto president.” He seems to believe that BTC mined in the U.S. stays domestic, ignoring that miners often sell BTC immediately to cover electricity costs.
His support for BTC mining as a path to U.S. energy dominance overlooks the strain mining places on energy grids. The U.S. Energy Information Administration (EIA) estimated that crypto mining accounted for up to 2.3% of national electricity consumption last year. Moreover, some states allow miners to buy power at low demand prices and sell it back at higher prices during peak periods, benefiting financially from these arrangements.
Despite Trump’s vision of BTC mining as a significant job creator, the reality is starkly different. The industry employs far fewer people compared to sectors like coal mining. Canadian provinces, initially optimistic about job creation from BTC mining, are now halting new permits due to the high electricity demands and minimal job creation.
The EIA’s efforts to survey crypto miners’ energy consumption face opposition from the industry, including legal challenges. Miners prefer an alternative body to conduct the survey, aiming to avoid scrutiny.
In summary, while Trump’s pro-Bitcoin stance might appeal to a segment of voters, it raises significant concerns about the broader implications for the U.S. energy infrastructure, economy, and public health.
