Donald Trump meets with large public bitcoin miners

Former President Donald Trump met with several Bitcoin miners at his Mar-a-Lago estate on Tuesday night. During the meeting, Trump expressed his love and understanding of cryptocurrency, stating that Bitcoin miners help stabilize the energy supply from the grid.[1][2][3] He also hinted that he would advocate for miners if elected to the White House again.[2][3] The Trump campaign did not respond to requests for comment on the meeting.[2][3]

Sources
[1] Yahooist Teil der Yahoo Markenfamilie
[2] Trump Meets Bitcoin Miners in His Latest Pro-Crypto Overture Trump Meets Bitcoin Miners in His Latest Pro-Crypto Overture (1)
[3] Trump Meets Bitcoin Miners in His Latest Pro-Crypto Overture Yahooist Teil der Yahoo Markenfamilie
[4] Donald Trump Lost $1 Million In Crypto In The Last 7 Days Yahooist Teil der Yahoo Markenfamilie
[5] A 2024 Trump admin. could be more ‘laissez-faire’ on crypto Yahooist Teil der Yahoo Markenfamilie
[6] Why Donald Trump’s Reported $33 Million Crypto Portfolio Quickly … Yahooist Teil der Yahoo Markenfamilie

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Personal disclosure: I own a few public miners such as Wulf and Clean spark.

Bitcoin mining stocks are a great way to get bitcoin exposure and potentially more upside than bitcoin.

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JUST IN: :us: Former President Donald Trump says “Bitcoin mining may be our last line of defense against a CBDC.”

“We want all the remaining Bitcoin made in the USA!”

WatcherGuru

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Donald Trump Commits to Championing Bitcoin Mining in DC - Bitcoin Magazine - link

Trump Wants All ‘Remaining Bitcoin to be Made in the US’ - link

Donald Trump wants all remaining Bitcoin to be mined in the United States. He believes Bitcoin mining could serve as a defense against central bank digital currencies (CBDCs) and help make the US energy dominant.[3][4][5]

On June 11th, Trump met with executives from major US Bitcoin mining companies like CleanSpark, Riot Platforms, and Marathon Digital at his Mar-a-Lago residence.[4][5] He expressed support for the Bitcoin mining industry, stating “We want all the remaining Bitcoin to be MADE IN THE USA!!!”[3][5]

Trump sees Bitcoin mining as beneficial for stabilizing the grid’s energy supply and creating jobs.[4][6] His stance contrasts with President Biden’s administration, which has been hostile towards Bitcoin and more supportive of CBDCs.[3][4] As a presidential candidate accepting crypto donations, Trump aims to champion the crypto industry if elected.[4][6]

Sources
[1] Trump Wants All 'Remaining Bitcoin to be Made in the US' - TheMinerMag
[2] Trump says he wants all remaining Bitcoin to be made in the US Trump says he wants all remaining Bitcoin to be made in the US - The Jerusalem Post
[3] Donald Trump Says He Wants All Remaining Bitcoin to Be 'Made in … Yahooist Teil der Yahoo Markenfamilie
[4] Donald Trump Commits to Championing Bitcoin Mining in DC https://bitcoinmagazine.com/business/donald-trump-commits-to-championing-bitcoin-mining-in-dc
[5] Donald Trump Says He Wants All Remaining Bitcoin to Be 'Made in … Donald Trump Says He Wants All Remaining Bitcoin to Be 'Made in USA'
[6] Trump wants Bitcoin ‘made in the USA’ after hosting mining industry … https://cointelegraph.com/news/trump-bitcoin-miners-meet-latest-show-of-industry-support

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Disclosure: I own shares of every bitcoin mining :pick: company listed in the paragraph above

The only ways that statement makes sense would be:
(a) bitcoin mining is treated as an interruptible activity, where the public power supply to those entities can be throttled back when needed to prevent overloading the grid, or
(b) bitcoin miners are required to provide their own power supply (presumably from reliable “green” nuclear power plants), with excess power being fed into the public grid.

Neither sounds likely in this environment.

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Bitcoin miners can help manage peak demand on the electric grid in several key ways:

  • Bitcoin mining operations are highly flexible and can quickly ramp down their electricity usage during times of peak demand or grid stress[1][2][3]. This demand response helps relieve pressure on the grid.

  • Miners can absorb excess renewable energy generation, especially during off-peak hours when demand is low[3]. This reduces energy waste and helps balance the grid.

  • By providing a steady demand for excess renewable energy, Bitcoin mining can improve the economics of renewable energy projects, leading to more investment in sustainable generation[3].

  • During grid emergencies, some Bitcoin miners have voluntarily curtailed all operations to reduce demand[2]. For example, Greenidge Generation in New York curtailed mining during a grid emergency in 2022[2].

  • Bitcoin miners are location-agnostic and can set up near renewable energy sources to utilize excess generation[3]. Their flexible load helps integrate more renewable energy onto the grid.

  • Miners can secure long-term contracts to provide a consistent base load for new renewable energy projects[4]. This helps justify the capital investments needed to build out clean energy capacity.

So in summary, Bitcoin miners’ ability to quickly adjust their electricity usage, absorb excess renewable generation, and provide stable demand for new clean energy projects makes them a valuable tool for managing peak loads and integrating renewables onto the grid[1][2][3][4].

Sources
[1] Demand Response And Curtailment Through Bitcoin Mining Demand Response And Curtailment Through Bitcoin Mining
[2] Bitcoin Miners: Unveiling Their Vital Role in Grid Services. Bitcoin Miners: Unveiling Their Vital Role in Grid Services.
[3] How Bitcoin Mining Can Enhance Power Grid Stability - D-Central How Bitcoin Mining Can Enhance Power Grid Stability - D-Central
[4] Bitcoin miners solution to AI energy demand: Powering down - Axios https://www.axios.com/2024/04/30/crypto-bitcoin-miners-ai-electricity-demand
[5] Bitcoin Mining and Stabilizing the Power Grid - Is that Really a Use … https://www.reddit.com/r/Bitcoin/comments/w19i32/bitcoin_mining_and_stabilizing_the_power_grid_is/

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Bitcoin miners in Texas are profiting by using less electricity during periods of high demand on the state’s power grid[1][2][3][4]. In August 2022, the largest bitcoin mining company in Texas, Riot Platforms, received $31.7 million in energy credits from the state’s grid operator ERCOT for reducing its electricity consumption[2].

This arrangement, known as demand response, allows miners to act as a failsafe during periods of low and high demand[1]. When electricity demand is high, miners can switch off or sell back pre-purchased energy in exchange for a fee[1][4]. However, critics argue this is effectively double-subsidizing miners, as residents’ taxes provide funds for buying energy from miners during peak demand[1].

As of November 2022, crypto miners in Texas were using around 2 gigawatts (GW) of energy, about 2.5% of the state’s peak load[1]. But a long queue of companies representing an additional 32 GW of consumption are either awaiting approval for new mining installations or beginning construction[1].

The influx of mining activity has raised concerns over its impact on the Texas grid, with some estimating it has driven up energy prices for consumers by $1.8 billion[3]. Residents have also reported adverse effects like noise pollution from mining facilities[1]. However, the industry argues it helps improve the profitability of renewable energy sources and incentivizes new development by using excess energy when demand is low[1][4].

Sources
[1] For Bitcoin Mines in Texas, the Honeymoon Is Over - WIRED For Bitcoin Mines in Texas, the Honeymoon Is Over | WIRED
[2] Texas paid bitcoin miner more than $31 million to cut energy usage … Texas paid bitcoin miner more than $31 million to cut energy usage during heat wave - CBS News
[3] Bitcoin Miners Are Gobbling up Energy in Texas. We Are Not Any … Bitcoin Miners Are Gobbling up Energy in Texas. We Are Not Any Closer to Finding out Exactly How Much. - Public Citizen
[4] Texas bitcoin miners don’t have to report energy usage yet Texas bitcoin miners don’t have to report energy usage yet; Denton touts selling renewables | KERA News
[5] Texan Bitcoin miners profit by using less electricity Why can’t more Texans profit like Bitcoin miners for using less power? | The Texas Tribune

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Just an observation – the worst strategy Bitcoin enthusiasts could adopt would be to nail their flag to the heavily-subsidized uneconomic unreliable intermittent “renewable” energy scam.

The unsustainable subsidies for “renewable” energy will inevitably come to an end as the economic woes of a de-industrialized West accelerate. Then where will that leave Bitcoin miners?

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Bitcoin miners seek to minimize the cost of electricity regardless of source. Some put out statements about renewable for public relations. But they don’t care about clean energy vs coal vs natural gas vs hydroelectric. Mining is difficult and competitive and expensive.

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