Trump's 'Made In America' Bitcoin Mining Pledge Is Falling Apart: What's Going On?

Market impact: Mildly bearish for BTCUSD in the near term, but more significant for mining equities and the U.S. crypto-industrial narrative than for Bitcoin’s core fundamentals.

The key change is a deterioration in the expected growth of U.S.-based mining capacity. Public miners are reallocating power and facilities toward AI data centers because AI infrastructure currently offers better returns on scarce electricity and grid capacity. Bitcoin network computing power was reported to be 18% below October 2025 levels, while Foundry USA’s share of network hashrate declined from above one-third to 26%.

For BTCUSD, the immediate impact is probably limited and mixed:

• Bearish factor: Reduced U.S. mining participation weakens a major political and institutional support narrative around Bitcoin. It may also increase concern that miners are less willing to retain or accumulate BTC when mining margins deteriorate.
• Neutralizing factor: Mining capacity is not disappearing from the Bitcoin network; it is being redistributed. Chinese-linked pools and other jurisdictions are taking a larger share, so the direct effect on block production and Bitcoin’s monetary supply is minimal. The article discusses pool share, which should not automatically be interpreted as proof that all underlying mining hardware has physically moved to China or Russia.
• Potentially positive factor: A lower U.S. hashrate share could reduce domestic energy, regulatory, and political friction surrounding Bitcoin mining, while maintaining overall network resilience if replacement capacity comes online elsewhere.

The clearest negative read-through is for U.S.-listed miners and mining-related hardware firms. Their operating model is becoming less purely tied to BTC price and more dependent on securing power, AI customers, and data-center economics. That creates a relative shift in valuation from “Bitcoin beta” toward infrastructure and AI-capex exposure. American Bitcoin’s reported losses and large share-price decline illustrate the financing and profitability pressure, while Auradine’s pivot toward AI hardware shows that mining technology and energy-efficiency capabilities may migrate into higher-return applications.

The news is therefore unlikely, by itself, to create a major structural selloff in BTCUSD. Its greater importance is as a medium-term signal about Bitcoin’s mining economics and geographic concentration. If more miners sell BTC to fund AI conversion or cover losses, that could add episodic supply pressure. Conversely, if AI-related revenue stabilizes miners’ balance sheets, the shift could reduce forced BTC selling over time.

What traders should monitor next:

total network hashrate and difficulty, miner treasury movements, U.S. power and data-center policy, evidence of sustained Chinese or Russian hashrate gains, and whether public miners’ AI revenue actually offsets the loss of Bitcoin-mining income. A further decline in hashrate combined with miner BTC selling would strengthen the bearish interpretation; stable network hashrate and improving miner liquidity would make the story more sector-specific than BTC-negative.