Former US President Donald Trump has shifted his attention to Bitcoin miners in his drive towards embracing the crypto industry.In a June 12 post on Truth Social, Trump expressed support for Bitcoin mining, highlighting its potential to bolster energy dominance. He pledged to support these technologies, especially if he is re-elected as US president. He wrote:“Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”This statement follows a recent meeting on June 11 with several prominent US Bitcoin miners, including representatives from CleanSpark, Riot Platforms, and Marathon Digital.Matthew Schultz, the Executive Chairman of CleanSpark, claimed that Trump has a proper understanding of the sector.Similarly, Brian Morgenstein, the head of policy at Bitcoin miner Riot Platforms, reportedly said:“President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry.”David Bailey, CEO of Bitcoin Magazine, another attendee, described the meeting as “a historic moment in our journey towards hyperbitcoinization.” He added:“The former and next President of the United States gathered America’s hashrate and committed to championing our cause in DC and on the global stage. Bitcoin will THRIVE in the US.”These developments come as crypto miners face increased scrutiny over their environmental impact and the strain on local power grids. Earlier in the year, US authorities attempted to collect data about crypto miners’ energy consumption rate but were met with stiff opposition from stakeholders in the sector. Trump’s support for the sector has the potential to influence political perceptions about how it operates.Meanwhile, the former president’s support for cryptocurrencies seems to be boosting his election chances. On Polymarket, a leading crypto-based prediction platform, Trump holds a 56% probability of winning, while Joe Biden’s chances have dropped to 35%.June 12 UPDATE: Properly attributed Morgenstein’s statementOluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.Amani said that certain teams and developers want to takeover the network and will announce their intent on the governance forums.The ruling finds the defendants guilty of multiple securities law violations and imposes stringent penalties and restrictions on their future activities.The survey of Fortune 500 companies — conducted by The Block on behalf of Coinbase — revealed a 14-point drop in developer share over the past five years despite an uptick in the top companies moving on-chain.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.The survey of Fortune 500 companies — conducted by The Block on behalf of Coinbase — revealed a 14-point drop in developer share over the past five years despite an uptick in the top companies moving on-chain.Ongoing decline in readily tradable Bitcoin sees liquid supply reaching new lows.Experts said the current reading show that the core inflation has dropped to its lowest since April 2021.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
