Donald Trump has made many promises during his presidential campaign that have excited the crypto industry.

In June 2024, he pledged to support the crypto industry after meeting with crypto mining executives at Mar-a-Lago. At the time, he said he wanted “all the remaining bitcoin to be made in the U.S.”

According to Bloomberg, even if Trump were to try, it wouldn’t be as easy as the president-elect hoped.

The report highlights that while billions of dollars are pouring into bitcoin mining in the United States, American miners account for “well under 50%.” Experts believe that the U.S. mining industry won’t have the capacity to manage the entire network, as mining equipment sales are growing in Asia, Africa, and the Middle East.

Synteq Digital CEO Taras Kulik told Bloomberg that “there’s a huge uptick in a few markets.” Of course, there’s also China, which has seen an increase in mining activity.

The report also highlights that cheap energy in Africa, mainly hydropower, is a factor in higher profit margins compared to markets with higher energy costs.

And then there’s the possibility of a trade war with China, which manufactures much of the mining equipment, which would make Bitcoin mining even more expensive.

While it’s unlikely that Trump will be able to deliver on this particular promise, it has certainly caused a lot of euphoria in the crypto sector. After all, Bitcoin has surged since Trump was re-elected on November 5, hitting a new all-time high of $108,268.45 on December 18.

While that growth has now slowed, many in the industry are optimistic about 2025 and beyond. Especially given Trump’s recent hints that his administration has ambitious plans for Bitcoin.

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