Bitcoin mining It's a big company in the US, but how big is it? Will Donald Trump's return to the White House make a difference?

President-elect last year He said- Along with a lot of other things Pro-encryption pledges- He wants to extract all the remaining coins on American soil.

Spoiler alert: This will be very difficult, if not impossible.

Data collected by TheMinerMag He appears US miners currently account for about 40% of the mining hashrate – more than any other country.

But experts said Decryption It is unlikely that the pro-crypto leader in chief will be able to transfer the remaining 60% of the Bitcoin mining hash rate to the states.

“That's impossible, in my opinion,” said Matthew Siegel, head of digital asset research at VanEck. Decryption. He added that mining operations around the world should stop, and operations in the United States should replace them.

said CJ Burnett, chief revenue officer at Compass Mining, which provides Bitcoin mining hosting and other services Decryption And that although his company was enthusiastic about Trump's "eagerness" for the industry, it would be impractical to move all of its mining operations to the United States.

“The United States lacks the electrical infrastructure, physical computing hardware (mining machines), and energy costs low enough to be the only place to mine all remaining bitcoins,” he said.

“Ultimately, Bitcoin mining remains a globally distributed network driven by market economics, energy availability and regulatory landscapes around the world,” Burnett added.

in order to Bitcoin To function as a payment network, miners add blocks full of data — information about transactions — to a long-term public ledger known as blockchain.

As Bitcoin has grown since its launch in 2009, it has become a very large and highly secure computer network. It is very difficult to add new blocks, and mining operations now have to use a lot of energy to do so.

Part of Bitcoin's nature is that it is decentralized, so anyone can participate in helping run the network. As a result, miners are spread throughout the world, although larger operations tend to set up shop in locations that provide favorable (i.e. cost-effective) conditions to support profitable mining.

Other hot mining areas include Kazakhstan, Russia and Canada.

The United States has become a leader in Bitcoin mining after China Fired A crackdown on the industry in 2021, pushing miners elsewhere. TheMinerMag data shows that the 20 largest public mining companies in the US minted 3,794 bitcoins — worth about $366 million at the time of writing — in November alone.

Industry bigwigs feel confident about a Trump presidency.

“Bitcoin can increasingly be mined in the US, and improving US policy could certainly make it more attractive for miners to build in the US and thus accelerate (the industry’s) growth,” said Roe Sherroll, chief business officer at mining company Blockmetrix. Decryption.

Meanwhile, Frank Holmes, CEO of Hive Digital Technologies, said that “continued support for Bitcoin innovation” will come under a Trump presidency.

Burnett added that the change in sentiment around Bitcoin and the mining industry was “tangible” with the Republican win.

So far, the results have been remarkable: Bitcoin saw a boost after Trump's victory, breaking new highs shortly after the November 6 election. The largest currency is Currently trading CoinGecko data shows over $98,000 per coin, a roughly 1% jump over the past 24 hours. It reached an all-time high of $108,135 on December 17.

Many in the broader crypto industry as well I expect now A more favorable business climate in the United States compared to the regulatory onslaught witnessed by the administration of Democratic President Joe Biden.

Modified by Stacey Elliott