Trump's Bold Move: Sparking a Global Bitcoin Mining Race
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the cliff-notes:
- Trump's Push for Bitcoin Mining: Trump aims to keep Bitcoin mining in the USA, sparking a global hash rate race.
- Economic Impact: Potential massive economic benefits from increased Bitcoin mining within the US.
- Political Shift: Bitcoin policy has become a significant factor in US politics, especially for the upcoming election.
Good afternoon everyone,
Former President Trump is making waves with his latest move to foster and maintain a superior environment for Bitcoin mining in the USA.
Trump recently met with Bitcoin mining company CEOs and expressed his goal to keep Bitcoin mining within the USA. This move is set to kick off a global hash rate race. If we want the development of the Bitcoin network to accelerate globally, having the world's most powerful leaders compete to make their countries the best environments for Bitcoin mining is exactly what needs to happen. Here's what he said in a post on Truth Social following the meeting with industry leaders:
![](https://cdn.getmidnight.com/db2b4182156b2f1f817860ac9f409ad7/2024/06/Screenshot-2024-06-13-153309.png)
Trump, throwing his hat in the ring as a former and potential next leader of the free world, aims to create the most competitive environment globally for miners.
The reaction from other countries to this move is the real signal here.
Energy-rich nations are shifting away from using US dollars, forming alliances around gold. By creating a superior environment for Bitcoin miners, the US could leverage this commodity to enrich its citizenry.
This new arms race pits old hard money against new hard money, with rising powers challenging the incumbent power of the last century using the former rather than the latter. China, the rising power, has banned Bitcoin, as the United States looks to the newer, more innovative, more orange option that performs gold's chief function of wealth preservation better than gold does.
Having world leaders competing with one another for hash rate drives the Bitcoin network towards decentralization, not away from it. Capital allocators will be drawn to different countries as each tries to make itself more competitive for mining. Alex from Bitcoin Magazine put it very well in this post on X:
![](https://cdn.getmidnight.com/db2b4182156b2f1f817860ac9f409ad7/2024/06/Screenshot-2024-06-13-152629.png)
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Here's a map of the current global Bitcoin hash rate makeup by country. The United States leads with 38%, China is behind it (despite its ban) with 21%, and other countries are competing for dribs and drabs here and there:
![](https://cdn.getmidnight.com/db2b4182156b2f1f817860ac9f409ad7/2024/06/Screenshot-2024-06-14-111941.png)
Let's do some math here to see what kind of opportunity lies ahead for the United States to leverage Bitcoin geopolitically:
- ~328,500 BTC mined in 2023 — $9.855 billion at the average BTC price in 2023, or $22.995 billion at today's prices
- In 2020, gold mining contributed about 38% to the total value of metal mine production in the United States, which was estimated to be $27.7 billion.
- At 38% of global hash rate, the US was responsible for $3.74 billion in BTC production using 2023's average price, or $8.73 billion in BTC production using today's prices
That's 217% upside from where BTC is now to where gold is today, or 640% at last year's average price and before the halving. A Massive arbitrage opportunity for the US to boost its global economic standing should we adopt a framework to bring more hash rate online inside this country
Times have changed. The vitriol toward Trump's character has lost most of its impact, as people are now more focused on results than optics. Under Trump, policies on the economy, foreign relations, and borders improved, and now Bitcoin policy is added to that list. Particularly compared to Biden, under which all of these have been comparably much worse. It's an A:B test we have all lived through, and as people are grappling with economic realities, they care less about the outward appearance of either candidate.
Americans, especially the youth, are using Bitcoin to protect themselves from the monetary and fiscal instability caused by excessive money printing and debt. One political party is sprinting to embrace Bitcoin, while the other is attacking it:
![](https://cdn.getmidnight.com/db2b4182156b2f1f817860ac9f409ad7/2024/06/anti-crypto-army.png)
If you want to see change, you need to engage with the government, not abstain. Bitcoin may be a neutral asset but it's never going to flourish if its proponents take an apolitical stance. The right has clearly embraced Bitcoin, so it is the party that Bitcoiners who are serious about its flourishing need to throw their weight behind. The Overton window hasn't been this far to the right in decades, with significant fundraising efforts for Trump, even in the traditionally left-wing Silicon Valley. America is making a comeback, with Bitcoin at the center of the story.
Final thought: bitcoin is not apolitical. Targeted action > hopeful inaction.
Take it easy,
Joe Consorti
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Theya is the world's simplest Bitcoin self-custody solution. With our modular multi-sig vaults, you decide how to hold your keys.
Whether you want all your keys offline, shared custody with trusted contacts, or robust mobile vaults across multiple iPhones, it's Your Keys, Your Bitcoin.