Trump’s 'Made in USA' bitcoin is promise impossible to keep

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Trump’s 'Made in USA' bitcoin is promise impossible to keep
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(Reuters) - Liverpool forward Mohamed Salah said he senses something different about the way the club are performing as Premier League leaders this season after they secured a 3-1 comeback win over Leicester City to move seven points clear.

Trump made the pledge in a post on his Truth Social account in June after meeting at Mar-a-Lago with a group of executives from crypto miners, the companies whose massive, high-tech data centres do the work that facilitates transactions on the blockchain in exchange for compensation paid in bitcoin or other cryptocurrencies. — Reuters

"It is a Trump-like comment but it is definitely not in reality,” said Ethan Vera, chief operating officer at Seattle-based Luxor Technology, which provides software and services to miners. The bitcoin mining sector in the US has morphed into a multi-billion dollar industry over the last several years as the token saw exponential increases in prices. However, the total computing power generated from US-based miners is well below 50% and it is impossible to power the entire network by domestic companies, according to industry analysts.

"President Trump campaigned on a vision for America to remain the world leader in the next frontiers of technology, from cryptocurrency to AI,” Trump-Vance Transition spokesman Kush Desai said in a statement."The Trump-Vance administration will work with industry titans and unleash our talent and resources to ensure American leadership and innovation in every facet of the cryptocurrency industry, from mining to end-use solutions.

Large sales in Asia point to an increase in bitcoin mining activities in China after a sweeping ban on such operations by the government in 2021. A loosening stance on crypto from Russia is also spurring a resurgence of the industry in the country, according to Kulyk.

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