What Donald Trump’s Policies Mean for US Bitcoin Mining

Will US President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President adopt policies to limit the impact of Bitcoin mining on the environment? Not many experts think that the Trump administration will adopt any policy against the interest of the Bitcoin mining industry. Trump made his stand on this matter clear last year itself when he announced his intention to mine all the remaining Bitcoin in the US. Now, several anti-mining activists, including Alex de Vries, have come forward openly, expressing their concerns about the pro-BTC mining stance of the new regime and its potential impact on the environment. Read on for more details!

Trump’s Second Term: Impact on the Bitcoin Mining Industry

The victory of Donald Trump in the US election has made a positive impact on all the prime segments of the crypto industry, especially the Bitcoin mining industry. 

The primary reason for the excitement in the BTC mining industry is Trump’s old promise of supporting efforts to mine all the remaining BTC in the US. 

The US at present controls at least a third of the total Bitcoin mining industry in the world. The US BTC mining sector faces severe criticism from environmental activists for the way it handles its electricity requirements. Activists want tougher regulations to monitor the electricity consumption of the industry, and, particularly, they want the industry to be transparent about the sources from where it purchases electricity.   

As per a research report published by Cambridge University, the Bitcoin network consumes at least 174 TWh – which is, surprisingly, equivalent to the total energy consumption of certain high-performing African economies like Egypt and South Africa. 

On the day of Trump’s inauguration itself, he pulled the country out of all the major climate regulatory obligations inked during the joe biden joe biden Joe Biden President regime. Additionally, Lee Zeldin, the new appointed leader of the US Environmental Protection Agency, clarified its liberal stance on certain sensitive environmental issues like carbon dioxide emissions.   

These developments have naturally created excitement in the BTC mining market, which suffered a lot due to the aggressive environmental conservation policies of the previous administration. 

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Experts about Trump Govt’s Impact on the US BTC Mining Industry

Expressing his concern about the impact of the Trump regime on environment and climate change, anti-mining activist and energy analyst Alex de Vires opines that the Trump administration is likely to adopt a liberal approach towards the local Bitcoin mining industry.

Jackie Sawicky, a member of the National Coalition Against Cryptomining, has strongly criticised the nomination of Zeldin as the head of the EPA, saying that “the US administration has put someone in charge of the EPA that does not seem to want to enforce environmental protections.” 

Meanwhile, Compass Mining Chief Mining Officer Shanon Squires has appreciated the role played by the US in the BTC mining industry, highlighting the country’s commitment towards energy efficiency and environmental responsibility. 

Explaining how the dynamics of BTC mining are unaffected by Trump’s climate policies, TheMinerMag head of research Wolfie Zhao has emphasised the connection between the mining market’s energy consumption and electricity cost. He has also elucidated why the industry is more attracted towards renewables.

Future of BTC Mining Regulations Under Trump 

In 2022, Senator Edward Markey tabled a bill, proposing a policy to demand miners who are consuming over 5 megawatts of electricity to disclose energy sources. 

Experts think that the Trump administration is less likely to adopt any policy that can stifle the growth of the flourishing local BTC mining industry any time soon.