On Tuesday, Trump met with executives from Nasdaq-listed bitcoin mining companies CleanSpark Inc. and Riot Platforms.
Trump said he wants all remaining bitcoin to be made in the United States, reiterating that this would help the U.S. become an energy dominant nation.
Trump’s post on Truth Social underscored this stance.
“Bitcoin mining could be our last line of defense against CBDCs. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all remaining Bitcoin to be made in the U.S.!!! This would help us become energy dominant,”
Currently, bitcoin mining is popular in China, Central Asia, El Salvador, and parts of Europe, such as Germany.
In China, China’s strict regulations have had a significant impact on its bitcoin mining industry. The 2021 ban has led to a sharp drop in Chinese mining activity.
After the ban, many Chinese miners either closed their mines or moved their operations overseas. Despite this, China still contributes a significant portion of the global hash rate due to the resilience and adaptability of Chinese miners. They often operate covertly to evade detection and take advantage of periods of less regulatory scrutiny
Chinese miners rely primarily on hydropower, a cheaper and more sustainable energy source, especially during the rainy season. This seasonal mining strategy helps them remain competitive in a strict regulatory environment.
But the United States has emerged as a leading Bitcoin mining hub following China's 2021 ban on cryptocurrency mining. The United States accounts for a significant share of the global Bitcoin mining hash rate by 2024, with large mining operations in states such as Texas, which are known for low electricity costs and supportive regulatory frameworks.
U.S. mining operations generally benefit from relatively low electricity costs, which is critical to profitability, especially as the upcoming Bitcoin halving will reduce mining rewards. U.S. facilities are increasingly using energy-efficient mining equipment, and some are strategically located to utilize renewable energy or other wasted energy, such as flared natural gas.
The United States is expected to continue investing in expanding its mining infrastructure, with companies planning to significantly increase capacity in the coming years. This expansion could allow the United States to maintain its lead in Bitcoin mining, especially if Bitcoin prices remain high, providing an incentive for continued investment in mining operations.
According to data, the supply of Bitcoin is capped at 21 million, and it is planned that all Bitcoins will be mined in 2140. So far, 93.984% of the total Bitcoins have been mined.
Source: Bitbo
Germany’s Federal Criminal Police (BKA) has moved more than 6,500 Bitcoins, sparking speculation of a potential sell-off. Despite a small price increase, concerns remain about the impact of government-held Bitcoin on global markets.
ZeZhengThe US Consumer Price Index (CPI) data for May showed that the inflation rate remained at 0.3%, surpassing market expectations. However, on an annual basis, it decreased from 3.4% in the previous month to 3.3%. This cooling trend has sparked optimism in the market.
ZeZhengBitcoin advocates push Musk for BTC payments on X; Musk favors Dogecoin for its lower fees and scalability.
ZeZhengFollowing the deadly attack in Israel by Palestinian militant group Hamas, it has put cryptocurrency’s role in terrorist financing back in the spotlight. The U.S. Treasury Department recently announced its investigation on the $165 million in cryptocurrency which the agency believed to have helped Hamas before the militant group’s Oct 7 attack against Israel.
XingChiArthur Hayes criticizes G7 central banks, advocates for continued investment in Bitcoin and altcoins. Predicts potential rally fueled by FED's dollar-yen maneuvers and anticipates rate cuts. Encourages long positions, sees cryptocurrency market poised for resurgence.
Xu LinAs anticipation mounts for US Non-Farm Employment data, Bitcoin breaks records with $37B in futures open positions. Positive sentiment prevails as long positions dominate, driving expectations for new all-time highs.
Xu LinBitcoin surges above $71K as long-term investors and whales accumulate. Institutional interest via spot ETFs and new whales drive demand. Ethereum also sees increased investor interest.
Edmund'Rich Dad Poor Dad' author Robert Kiyosaki predicts Bitcoin will hit $350K by late August 2024, driven by his distrust of US leadership. Will this forecast crash and burn like some of his previous speculations?
KikyoBitcoin saw a slight increase in response to the ECB's rate cut. The ECB reduced rates to moderate monetary policy restriction, addressing inflation but not growth stagnation. The rate cut aims to lower borrowing costs in the euro area.
Xu LinToday, 18,000 Bitcoin options worth $1.23 billion expire, a smaller event than last week's $15 billion. Weakness persists in the market with $150 billion outflow. Bitcoin retreats to $66,500, Ethereum to $3,275. Altcoins show mixed performance.
EdmundBitcoin bulls optimistic as Deribit's $15B options expiry nears. Speculation of $80,000 surge post-expiry. Current price at $70,140, with $200,000 target predicted. Cautious optimism urged amidst market volatility.
EdmundBTC, Crypto Markets, How Options Are Fueling Bitcoin Rise? Golden Finance, the market whisper has become a roar
JinseFinanceAs Bitcoin and Ethereum options expire, a $3.4 billion event adds to selling pressure. Markets at $1.64 trillion valuation show a 0.5% gain but face downward trends. Grayscale and miner sell-offs persist, impacting Bitcoin and Ethereum prices.
Xu LinGolden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, market and contract data, mining information, project trends, technology progress and other industry trends.
JinseFinanceWhile Ethereum created history by taking over Bitcoin in the options market, the ETH futures contract entered price backwardation.
CointelegraphBTC bulls aim to secure a $235 million profit from July 22’s BTC options expiry, but a downside move below $22,000 could nix this plan.
CointelegraphPredicting a market bottom is pretty much impossible, but clever traders use options strategies like the Iron Condor setup to target a particular trading price range.
CointelegraphSEC Chairman Gary Gensler reaffirmed his plans to crack down on cryptocurrencies on Tuesday, with the key bitcoin futures and options indicator confirming traders' regulatory concerns.
CointelegraphBTC price might be consolidating or even reaching a short-term top, but that doesn’t stop pro traders from using options to generate profits.
Cointelegraph