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

Donald Trump's campaign pledge to concentrate global Bitcoin mining entirely within the United States is rapidly deteriorating. This shift is driven by a massive transition of infrastructure and energy capacity from cryptocurrency mining to artificial intelligence data centers, alongside a resurgence of computing power in overseas jurisdictions like China and Russia. According to data from Hashrate Index and Bloomberg, Bitcoin mining computing power has dropped by 18% compared to its October 2025 peak. Publicly listed U.S. miners represent the largest component of this drawdown. Foundry USA, the largest domestic mining pool, has seen its share of total network computing power fall from over one-third down to 26%, with Chinese pools such as AntPool and F2Pool absorbing the difference. The underlying economics illustrate why miners are pivoting. With Bitcoin's overall market capitalization remaining roughly $1 trillion below its previous high, crypto mining profitability has eroded significantly compared to the high-margin returns offered by AI infrastructure capex. Industry analysts anticipate most public miners will generate the majority of their revenue from AI applications by year-end.