Donald Trump Touts Bitcoin Mining As Final Defence Against CBDC
Presidential contender Donald Trump has been in the headlines for his newfound interest and inclination towards cryptocurrency. More recently, he strengthened his stance by highlighting the importance of Bitcoin [BTC] mining. The former President promised to advocate for Bitcoin mining in the White House during a meeting with several Bitcoin miners at Mar-a-Lago, Trump’s Palm Beach resort.
The meeting entailed a wide range of participants, from Nasdaq-listed Bitcoin mining firm CleanSpark Inc. to Riot Platforms. S. Matthew Schultz, co-founder of CleanSpark, revealed on X that he met with the former president and 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.”
Alongside this development, Trump made a point of emphasizing on Truth Social that he wants the USA to produce all the remaining Bitcoin. This appears to be the reason behind his abrupt support for miners.
JUST IN:
Former President Donald Trump says “#Bitcoin mining may be our last line of defense against a CBDC.”
“We want all the remaining Bitcoin made in the USA!” pic.twitter.com/aKPoFW58EO
— Watcher.Guru (@WatcherGuru) June 12, 2024
Additionally, Trump also took a dig at the current U.S. President Joe Biden. In his Truth Social post, he reminded the community of Biden’s “hatred” towards BTC. He pointed out that this would only aid countries like China and Russia. Consequently, he believes that Bitcoin mining is the final line of defense against central bank digital currencies [CBDC] developed by other nations.
There has certainly been a long-running investigation into Bitcoin mining. The high energy consumption of the sector comes as a huge problem and is also highlighted by Democrats as well as climate activists across the globe.
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How Much Power Does the U.S. Consume for Bitcoin Mining?
According to reports, the U.S. is said to consume the most power mining Bitcoin. A staggering one-third of the world’s electricity consumption is accounted for by the country. It uses 145.6 GWh annually. China trails right behind the U.S. with 81.2 GWh. Kazakhstan, with 50.9 GWh, came in third.
Also Read: Donald Trump Calls Himself A “Crypto President” At Tech Fundraiser