Will Donald Trump’s Pledge on Bitcoin Mining Succeed Above Global Competition and Energy Obstacles?

• 95% of Bitcoin has already been mined, leaving little control to the U.S. in further production.
• Less than 50% of Bitcoin power globally is contributed by U.S. miners as other nations surge forward.
• U.S. mining relies on foreign equipment, predominantly manufactured in China, at the risk of disrupting trade relations.

Donald Trump‘s recent pledge to make Bitcoin mining “Made in the USA” has generated quite significant debate. In a meeting with crypto mining executives, the former president promised to push for an industry shift to see all remaining Bitcoin mined within the U.S.

Experts caution that this will not be easy due to several factors that will make it hard for the US to be the world’s leading country in Bitcoin mining. Among the primary challenges include the fact that 95% of Bitcoins have already been mined, the global spread of the mining process, dependence on foreign mining equipment, and competitive energy costs elsewhere around the world.

One of the biggest obstacles facing Trump is that 95% of all Bitcoin is already mined. That leaves only a tiny fraction of this digital currency to be mined, and it is so meager that no nation on Earth, let alone one single country like the United States, could mine it in full. 

Furthermore, it is even complicated by the very decentralized nature of mining: no single entity or nation has the power to monopolize its production. With mining rewards diminishing, Trump’s pledge is highly improbable as Bitcoin mining will become increasingly hard and expensive.

While the U.S. has become a hotbed for Bitcoin mining, the country supplies less than 50% of total global computing power or hashrate. That is in comparison with the mining activities in countries like China, Russia, and Kazakhstan, which still dominate.

 U.S. miners have gained ground in the last couple of years, mainly after China’s 2021 crackdown on crypto mining, but the competition is still high.

The other major concern for U.S. control of the Bitcoin mining process is dependence on foreign-produced mining equipment. Most hardware mining is developed by firms headquartered in China, such as Bitmain.