Trump Pledges Support for Bitcoin Mining in Florida Meeting

Former President Donald Trump recently held a meeting with several key figures from the Bitcoin mining industry at his Mar-a-Lago residence in Florida. Among the attendees were Riot Platforms CEO Jason Les, Brian Morgenstern, the company's public policy head, CleanSpark's executive chairman Matthew Schultz, and Amanda Fabiano, a board member of TeraWulf.

During the June 11 meeting, the group discussed the potential benefits of Bitcoin mining, such as its role in strengthening the electrical grid and creating jobs. Following the meeting, Schultz told Bloomberg that Trump had pledged his support for the sector if he were to win the upcoming presidential election in November.

Trump also expressed his support for Bitcoin mining in a post on Truth Social, stating his desire for "all the remaining Bitcoin to be MADE IN THE USA!!!" and emphasizing its potential to help the country achieve energy dominance.

Fabiano highlighted the challenges faced by the Bitcoin mining industry, including political opposition and misinformation. She stressed the need for politicians to understand the benefits of Bitcoin and its mining processes.

In contrast, President Joe Biden has proposed a 30% electricity tax on Bitcoin miners, citing concerns over emissions, energy consumption, and the impact on power grids. This has added to the political pressure on the sector.

While Trump previously criticized Bitcoin as a "scam" during his presidency in 2021, he appears to have shifted his stance, possibly to gain favor with the industry's lobbying groups ahead of the 2024 presidential election. He has recently declared himself the "crypto president" and emphasized the importance of the United States leading in the crypto space.

Additionally, Trump has started accepting cryptocurrency donations for his presidential campaign and recently hosted a dinner for holders of his Mugshot non-fungible tokens.

On June 10, Trump attended his first parole officer meeting following his conviction on 34 felony counts for falsifying business records. The virtual meeting from his Mar-a-Lago resort reportedly lasted less than 30 minutes and was described as "uneventful" by sources cited by The Hill.