A coalition of crypto mining companies is launching a bitcoin-centric super PAC, just days after President Trump met with top bitcoin mining executives at his Mar-a-Lago residence in Florida earlier this week.
The new initiative, named the Bitcoin Voter Project, is supported by companies such as Riot Platforms, Marathon Digital Holdings, and CleanSpark.
The super PAC has secured $5 million in initial funding, with additional commitments expected, according to a person familiar with the effort.
The meeting Tuesday featured nine to eleven executives, collectively representing 30% of the 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 firms including Riot Platforms, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy, and Exacore were present, as reported by CNBC. Trump held an Auradine ASIC chip during the event and remarked, “Made in America. Great,” Browder told Axios.
Browder described Trump as well-prepared and informed, noting that he addressed several key issues:
– The U.S. Department of Energy's attempt to mandate energy surveys for crypto miners, which was successfully challenged in court by one company.
– The Biden administration's proposal of a 30% excise tax on bitcoin miners in the 2025 budget, partly to address environmental concerns.
– The U.S.-China competition for technological dominance, particularly in artificial intelligence, with Trump expressing his desire for the U.S. to lead.
Trump conveyed his awareness of the challenges faced by the bitcoin mining industry, saying, “I know what they've been doing to you guys,” according to Browder. He also acknowledged the role of bitcoin mining in supporting advancements like AI.
The executives emphasized their desire for fair treatment, which they feel has been lacking under the current administration.
Browder mentioned that while he couldn't speak for the group regarding support for Trump in the election, Marathon would similarly engage with the Biden campaign and the Democratic National Convention if given the opportunity. Browder also noted that the group has sought meetings with the Biden administration but has not been successful so far.
