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Bitcoin

Bitcoin Power Play: Trump-Endorsed Effort Takes Aim At China’s BTC Mining Supremacy

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

For years, the Beijing-based company Bitmain Technologies has dominated the Bitcoin mining business, controlling an estimated 90% of the global market for the specialized computers used to power the cryptocurrency’s decentralized network. 

But now, Bloomberg reports that Bitmain’s reign is facing an “unprecedented threat” as rising political tensions and the prospect of a Donald Trump presidential comeback threaten to upend its stranglehold on the industry.

Shake-Up In US Bitcoin Mining Landscape

During his first term, Trump, a self-proclaimed crypto skeptic, has changed his heart. Now, the former president calls for Bitcoin to be “mined, minted and made” in the United States while also hinting at creating a Bitcoin Reserve for the country, casting Bitmain’s dominance as a national security risk. 

This rhetoric, coupled with growing concerns that Bitmain’s equipment could be used for alleged espionage, has opened the door for Bitmain’s emerging rivals to make significant progress. 

Related Reading: New XRP Documentary Featuring Ripple CTO Set For November Premiere

Rajiv Khemani, CEO of California-based startup Auradine and a Bitmain competitor, told Bloomberg that there are several reasons why the former president might want to challenge a scenario where there is a single dominant Chinese mining company, including national security concerns.   

The shift of Bitcoin mining to the US after China’s crackdown has intensified scrutiny of who’s mining cryptocurrency on American soil and where the hardware is coming from. 

US Miners Embrace Domestic Alternatives

In May, President Joe Biden ordered a Chinese mining company called MineOne to vacate and sell a property in Wyoming, citing concerns over “foreign-sourced equipment” that could enable “surveillance and espionage activities.”

While the government has not presented public evidence of Bitmain’s rigs being used for espionage, the political climate has created an opening for Bitmain’s rivals to capitalize. 

California-based Auradine, for instance, raised $80 million in April and began shipping its first mining machines in late July. The company counts Marathon Digital Holdings, one of Bitmain’s largest clients, among its shareholders.

Related Reading: Crypto Founder Calls For Dissolution Of Ethereum Foundation Following Price Suppression Rumors

Similarly, Texas-based Core Scientific broke with tradition in July by announcing an order from a unit of Jack Dorsey’s Block – even though Bitmain is one of Core Scientific’s biggest investors. 

“That’s really important for us,” said CleanSpark CEO Zach Bradford, whose company recently acquired mining facilities that had been using Bitmain equipment. “Not just for the tariffs, but with the political situation being what it is.”

Yet, despite the newfound challenges, Bitmain’s rigs remain the gold standard in the industry. “If I’m a Bitcoin miner and I need to be efficient, Bitmain has the most efficient machines,” said Patricia Trompeter, CEO of crypto miner Sphere 3D Corp.

Bitcoin
The daily chart shows BTC’s price drop on Monday. Source: BTCUSDT on TradingView.com

At the time of writing, the largest cryptocurrency on the market is trading at $63,390, down 1.1% in the 24-hour time frame after briefly hitting the $65,000 mark on Sunday.

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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