Trump vows to make "Made in America" Bitcoin, global competition makes the dream difficult to achieve.

During his campaign, one of Donald Trump's promises - to ensure all remaining Bitcoin is "Made in America" - may become one of his most difficult promises to fulfill. The former president publicly expressed this stance after meeting with cryptocurrency mining executives at Mar-a-Lago, signaling his shift from a skeptical attitude towards cryptocurrencies to a significant supporter of the industry. However, Ethan Vera, Chief Operating Officer of Seattle-based Luxor Technology, commented, "This rhetoric is typical of Trump's style, but it is far from the reality." It is understood that the decentralized nature of blockchain makes any attempt to control global Bitcoin mining seem unrealistic. From a practical perspective, as large-scale operations continue to emerge worldwide, aiming to compete for a share of the industry's annual revenues of up to billions of dollars, the competition in this sector is becoming increasingly intense. New competitors such as Russian oligarchs and the Dubai royal family are joining the fray, making it difficult for American miners to dominate. Currently, the total supply of Bitcoin is 21 million, with approximately 95% already mined, and it is expected to reach its production limit in 100 years. However, despite the fact that the American Bitcoin mining industry has developed into a multi-billion dollar industry, American miners' computing power is far below half of the global network's, unable to solely power the entire network. Nevertheless, Trump's promise is seen as symbolic support for the cryptocurrency industry. Large-scale operations are emerging worldwide, competing for billions of dollars in annual revenue in the industry. The total supply of Bitcoin is 21 million, with approximately 95% already mined, and it is expected to reach its production limit in 100 years. Although there is a lack of comprehensive publicly available data to clearly reveal the specific sources of computational power in various regions globally, large cryptocurrency mining service providers like Luxor often have deep insights into the distribution of computational power due to their strong industry expertise. They utilize advanced computational aggregation software to obtain more detailed information on mining locations, thereby effectively increasing the chances for miners to receive Bitcoin rewards. American miners like CleanSpark Inc. and Riot Platforms Inc. support Trump, hoping he will relax environmental reviews on energy-intensive mining, curb overseas competition, and repeal restrictive policies from the Biden administration. Trump's support for cryptocurrency in the last election helped raise approximately $135 million in campaign donations. While the cryptocurrency market in the U.S. is rapidly expanding, economic sanctions in the U.S. and hyperinflation in some emerging economies are driving overseas miners to expand their operations further. Taras Kulik, CEO of Synteq Digital, stated that demand is increasing in Eastern European countries like Kazakhstan, with sales growing in Asia, Africa, and the Middle East. For countries in Africa and South America, the profits from Bitcoin mining are much higher than in the U.S., as cheap energy makes mining costs lower in these countries. With rising electricity costs in the U.S., American miners are also beginning to expand overseas, such as MARA Holdings Inc. planning to establish large mining farms in the Middle East. It is worth noting that Bitcoin mining operations within the U.S. are not entirely operated by domestic miners, as many miners provide hosting services, allowing individuals from the U.S. or overseas to purchase machines and pay operating costs to operate them and earn Bitcoin. Overall, Trump's policies may bring disadvantages to American miners, but for many miners, the benefits outweigh the drawbacks, as he is seen as a president supporting energy and economic growth. Taras Kulik even stated, "Trump may be the best president in the history of Bitcoin mining."