Donald Trump talks bitcoin mining and policy at Mar-a-Lago
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Donald Trump at Mar-a-Lago on June 5. Photo: Eva Marie Uzcategui/Getty Images
Donald Trump met with leading bitcoin mining executives at the former president's Mar-a-Lago residence Tuesday, engaging with them on related policy issues.
Why it matters: It's the latest development in the presumptive Republican presidential nominee's newfound embrace of the cryptocurrency industry, as he continues to force it into the 2024 election conversation.
Behind the scenes: The mining industry's "Power 30" was in the room, nine to 11 executives from firms collectively representing 30% of the total computing power on the Bitcoin network, according to Jayson Browder, a senior vice president at Marathon Digital, one of the largest publicly-traded mining firms in the U.S.
- Executives from Riot Platforms, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy and Exacore were among those in attendance, CNBC reported.
- Trump held an Auradine ASIC chip in his hand and was pleased: "He was like, 'Made in America.' Great," Browder said, describing the event for Axios.
Zoom in: Browder described Trump as prepared and informed.
- Trump brought up the U.S. Department of Energy's attempt to mandate energy surveys on crypto miners and how crypto prevailed over the Biden administration when one company sued, and won. (The EIA has since decided to temporarily suspend it.)
- He also brought up the 30% excise tax the Biden administration proposed for bitcoin miners — based in part to address environmental concerns — in the 2025 budget, Browder said.
- Trump spoke of the U.S-China power competition, artificial intelligence, and his desire for the U.S. to be the clear winner in that respect.
Between the lines: "I know what they've been doing to you guys," is the gist of what Trump was trying to convey, according to Browder.
- "He understood how bitcoin mining would support these things like AI."
Friction point: The Power 30 impressed upon Trump in the meeting that what they wanted was to be treated fairly, Browder said — something they feel they haven't experienced with the current administration.
- Browder said he couldn't speak for the group as to whether they would stand behind Trump in the election, but said that Marathon would engage in the same way with the Biden campaign and the Democratic National Convention if they were "open and willing."
- Browder says the group has sought meetings with the Biden administration, but has so far been unsuccessful.
