Donald Trump, a presidential candidate in 2016, has made headlines due to his interest and newfound inclination for cryptocurrency. Recently, he has emphasized the importance Bitcoin. [BTC] mining. After meeting several Bitcoin miners in Trump’s Palm Beach Resort, Mar-a-Lago at Trump’s Mar-a-Lago hotel, former President Obama promised to support Bitcoin mining inside the White House.
Riot Platforms and CleanSpark Inc., both Nasdaq-listed Bitcoin miners, were among the participants. S. Matthew Schultz (co-founder of CleanSpark) revealed on X he had met the former president. said,
“I just ran into a guy that’s a huge fan of bitcoin and loves what we’re doing at CleanSpark Inc. in Georgia and Mississippi and Wyoming.”
Trump has also made it a point to make a statement about the development. emphasizing On Truth Social, he said that he wanted the USA to be the sole producer of Bitcoin. It seems that this is the main reason for his sudden support of miners.
Trump has also taken a shot at current U.S. president Joe Biden. He also reminded people of Biden’s past in his Truth Social posts. “hatred” towards BTC. This would not help nations like China or Russia. Then, he thinks that Bitcoin mining will be the only way to protect central bank digital currency. [CBDC] The development of other countries
Bitcoin mining has been the subject of a lengthy investigation. High energy consumption is a major problem for the industry. highlighted Climate activists and Democrats alike have called for action.
Also Read: Solana: Analyst Says Trump Re-Election Could Lead to SOL ETF
What is the power consumption of Bitcoin mining in the U.S.?
Reports claim that the U.S. consumes the largest amount of power when mining Bitcoin. The country is responsible for a staggering third of all electricity consumed in the world. The country uses 145.6 GWh per year. China is right behind with 81.2 GWh. Kazakhstan came third with 50.9 GWh.
Also Read: Donald Trump Calls Himself A “Crypto President” At Tech Fundraiser
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru