President Donald Trump has returned to the White House with a friendly policy for the Bitcoin industry, pushing Bitcoin prices to a record high of nearly $109,000. However, his ambition to mine all remaining Bitcoin in the U.S. is raising many concerns about environmental impacts.
Bitcoin Rises Under Trump
#TRUMP has committed to ramping up Bitcoin mining in the U.S., facilitating strong growth for this industry.
According to expert Alex de Vries, the Trump administration will have less oversight of the Bitcoin mining industry, especially as he relaxes environmental regulations.
Environmental Concerns
Trump has rolled back many of the Biden administration's climate regulations and declared that the U.S. will use more fossil fuels than ever.
Lee Zeldin, head of the Environmental Protection Agency (EPA) under Trump, also stated that the EPA does not need to regulate CO2 emissions, raising concerns that Bitcoin mining will not be tightly regulated.
Jackie Sawicky, a representative of the National Anti-Bitcoin Mining Alliance, expressed disappointment: “With the Trump administration, we feel hopeless because no one wants to protect the environment.”
The Bitcoin Mining Industry Consumes Terrible Amounts of Energy
Bitcoin uses a Proof-of-Work model that requires computers to run 24/7, consuming massive amounts of energy.
According to Cambridge University, the Bitcoin network consumes about 174 TWh – equivalent to the energy consumption of Egypt or South Africa.
The U.S. currently accounts for over one-third of global Bitcoin mining, and this figure could rise further under Trump, leading to more pressure on the environment.
Will Bitcoin Mining in the U.S. Be “Greener”?
Shanon Squires from Compass Mining noted that, if managed well, Bitcoin mining in the U.S. could be more transparent and cleaner than in countries like #Kazakhstan .
Wolfie Zhao from TheMinerMag also agreed that cheap renewable energy will attract Bitcoin miners in the U.S. However, Trump’s policies could lead to a less transparent and less public industry.
No Pressure to Disclose Energy Sources
In 2022, Senator Edward Markey proposed a bill requiring miners using over 5 MW of electricity to disclose their energy sources. However, experts believe that under $TRUMP , such regulations will be difficult to pass.
Alex de Vries commented: “Biden had previously tried to tax Bitcoin mining activities, but Trump will not do so.”
Risk Warning
Investing in cryptocurrency always carries high risks. Users need to thoroughly research and carefully consider before participating. Crypto is not suitable for everyone, so be cautious to avoid financial losses.
