Last year, President-elect Trump said he wanted all remaining Bitcoin to be produced in the United States, in addition to many other pro-cryptocurrency promises. Industry insiders believe this is very difficult or even impossible to achieve.
Data compiled by TheMinerMag shows that American miners currently account for about 40% of mining power, more than any other country or region. But experts say it is extremely unlikely that Trump will move the remaining 60% of Bitcoin mining power to the United States.
"In my opinion, this is impossible," said Matthew Sigel, director of digital asset research at VanEck, adding that it would mean mining operations around the world would have to be shut down and U.S. mining operations could take over.
CJ Burnett, chief revenue officer of Compass Mining, which provides Bitcoin mining hosting and other services, also believes that while his company is excited about Trump's "eagerness" for the industry, it is impractical to move all mining operations to the United States. "The U.S. lacks the power infrastructure, physical computing hardware (mining machines), and low enough energy costs to be the only location to mine all the remaining Bitcoin," he said.
"Ultimately, Bitcoin mining remains a globally distributed network driven by global market economics, energy availability, and the regulatory environment," Burnett added. Other crypto mining hotspots include Kazakhstan, Russia, and Canada. (Decrypt)
Alex
