Trump's Bitcoin 'Made in America' Vision
U.S. President-elect Trump has sparked widespread attention with his proposal to ensure all remaining Bitcoin is "Made in America." After meeting with executives from several American cryptocurrency mining companies, he publicly announced plans to push for Bitcoin mining to be entirely carried out in the United States. This promise has gained support from American miners who are hoping for relaxed environmental restrictions, reduced overseas competition, and the reversal of related policies from the previous administration.
Main Obstacles to Achieving the Goal
Although this vision is ambitious, it faces significant challenges, primarily due to the following obstacles:
- Decentralization of Blockchain
The blockchain network is decentralized and cannot be completely controlled or restricted by any single entity. Currently, American miners account for less than half of the global computing power, making it nearly impossible to support the entire Bitcoin network solely from within the United States. - Intensifying Global Competition
The mining industry is rapidly developing worldwide, with countries like Russia, Kazakhstan, Africa, and South America attracting substantial mining operations due to energy cost advantages. Meanwhile, some American miners, pressured by costs, have chosen to expand overseas; for example, the mining company MARA is investing in a large mining center in Abu Dhabi. - Policy Risks and Operating Costs
Trump's trade policies could increase the cost of mining equipment, with electricity and equipment being the two main expenses of mining. Compared to countries with lower energy costs, American miners may find themselves at a disadvantage.
Potential Impact on the Bitcoin Industry
Despite the numerous challenges facing the "Made in America" goal, Trump's support for the cryptocurrency industry has brought more attention and capital into the field. In the context of intensifying global mining competition, the key to future development will be how domestic miners can maintain competitiveness and whether policy adjustments can improve the situation.
