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Share link:In this post: Crypto analyst discredit Trump’s promise to make sure all Bitcoin are made in America. The US energy grid does not have the capacity to accommodate all of Bitcoin mining. Trump speech caused significant boost in cryptocurrency prices as Bitcoin nears $70,000.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consult
Research analyst at BestBrokers said Donald Trump’s promise to ensure every crypto is mined, minted, and made in the US is impossible to achieve. The presidential aspirant made this promise during his speech at the just concluded Bitcoin Conference in Nashville.
While some view Trump’s speech as a positive sign of his support for cryptocurrencies , others argue that his promises are unrealistic and merely a strategy to attract voters.
Bitcoin decentralization makes it impossible for all BTC to be mined in the US
Alan Goldberg, a crypto analyst at BestBrokers, argues that Trump’s commitment to having all Bitcoin mined in the US might appeal to American Bitcoin enthusiasts but is practically unattainable. Goldberg explains that Bitcoin’s decentralization and the global spread of mining operations make this promise impossible. He adds that centralizing Bitcoin mining in the US would undermine the cryptocurrency’s key advantage over traditional financial systems.
He wrote:
“The significant economic and energy resources required for large-scale mining are spread across various countries, making it impossible to consolidate all crypto activities within the U.S. without causing major disruptions and inefficiencies in the global market.”
Goldberg also points out that the US power grid cannot support all Bitcoin mining demands due to competing needs, such as those from artificial intelligence and electric vehicles. Currently, the US consumes 37.9% of the 384.48 gigawatt-hours (GWh) of electricity used daily for Bitcoin mining, equating to 53 terawatt-hours annually—more than the total energy usage of over 75% of countries worldwide.
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