{ "id": "6d73b549f947103b468d0d4ae132f496289491261e83ec9d5dec984e2c0fbe90", "pubkey": "75bf23531ae9f98c62995ba07191e488ead475975371d63d7dfd46bde1bfa895", "created_at": 1718213706, "kind": 9802, "tags": [ [ "context", "The reasoning behind several key assertions in Trump’s post — namely that bitcoin will defend against a central digital currency, that mining will help the U.S. become “energy dominant” and that embracing bitcoin will help the U.S. against its domestic and foreign enemies — is unclear. It is unclear how embracing cryptocurrency would deter the Fed from establishing a digital U.S. currency and it’s possible widespread uptake of cryptocurrencies in the U.S. could even encourage it to move quicker on the issue. By energy dominance, it’s possible Trump is not referring to the energy used up when mining cryptocurrency but the regulations in place governing where that energy comes from. Bitcoin mining is notoriously energy intensive and was estimated to account for as much as 2.3% of national electricity consumption in 2023. In recent years its hefty environmental footprint has come under heavy scrutiny. Biden’s proposed budget for 2025 has suggested ways to mitigate mining’s environmental impact, such as a 30% tax on miners’ total energy costs. This would be in line with his other criticism of Biden’s environmental policies. Trump’s national security angle is harder to parse, especially given bitcoin’s well-documented potential to aid illicit activity, terrorism and sanctions dodging. It is possible Trump is raising the speculative privacy concerns surrounding a central bank issuing its own assets in a sector renowned for its anonymity and privacy." ], [ "alt", "This is a highlight created in https://highlighter.com" ], [ "r", "https://www.forbes.com/sites/roberthart/2024/06/12/trump-says-all-bitcoin-mining-should-be-in-the-us-in-his-latest-embrace-of-crypto/" ], [ "client", "highlighter", "31990:73c6bb92440a9344279f7a36aa3de1710c9198b1e9e8a394cd13e0dd5c994c63:1704502265408" ] ], "content": "Bitcoin mining is notoriously energy intensive and was estimated to account for as much as 2.3% of national electricity consumption in 2023.", "sig": "9620ffc3334620cd426289f472d61c6814e2bcbaf46a80dddf534cd4a93ced73c9ed05db4a73837e24faa014a045af0bd915ca2580554f4afa96c0063c40dcd9" }