Imagine a village in sub-Saharan Africa. The sun beats the oppressive heat, and families can barely afford clean drinking water, if they can afford guaranteed electricity. Now, picture those same localities, but with enormous Bitcoin mining facilities assuming root. They’re sucking up the energy needed to pump that water, too. This isn’t a dystopian fantasy; it’s a very real possibility over which ventures such as Trump’s American Bitcoin going public.
Eric Trump co-founded crypto firm American Bitcoin, hoping for a Nasdaq listing. Read by many as a victory for financial freedom and technological innovation, this move was groundbreaking. Through my eyes – someone who has seen firsthand how limited resources impact developing nations – I see a potentially dangerous gamble.
Energy Drain: Freedom's Price Too High?
The real question isn’t if Bitcoin can succeed. The second, more related, question is if that success occurs at the expense of some of the very people it claims to empower. Those promises barely made a blip in the news cycle compared to Trump’s pledge to make the U.S. a “Bitcoin mining superpower.” Yet, what if that powerhouse gets limited by countries that are already failing to provide the foundational infrastructure? Bitcoin mining is notoriously energy-intensive. Cambridge University has estimated its annual electricity consumption to be higher than that of Egypt. That’s a scary number. Imagine this scenario: hospitals, schools, and small businesses in a developing country rerouting their electricity. That energy is instead funneled directly into powering mining operations. Is that freedom or exploitation? I would argue it's the latter.
Sure, the promise of financial inclusion through crypto is alluring—a potential boon in areas lacking robust banking infrastructure. The reality turns out to be much more complicated. How many ‘technologically illiterate’ villagers are really going to be personally enriched by multimillion-dollar Bitcoin mining operations set up in their backyard? How many will realize the unpredictable nature of crypto and what that means in terms of risk? What are their motivations and who is going to make sure that these ventures don’t just lead to neocolonialism? We can’t let them spoil the planet and communities for profits while they dig and pump our resources.
Profit vs. People: A Question of Priorities
We need to ask ourselves: whose freedom are we prioritizing? The freedom to accumulate wealth through cryptocurrency, or the freedom to access basic necessities like clean water and reliable healthcare? The story rarely covers the environmental costs of these military initiatives. Threats from noise pollution, depletion of our water resources, and the threat of toxic waste are no joke. Vulnerable and marginalized communities often carry the biggest burden of these crises.
Look at some African nations. Others have rolled out the red carpet to crypto mining, attracted by the potential for job creation and economic development. Yet the truth is frequently a story of unmet commitments, environmental destruction, and increasing inequality. Yet the local population is all too often excluded from benefiting. Rather, the burden of the bad impacts falls disproportionately upon those with the least capacity to adapt and overcome. I’ve participated enough times for this pattern to repeat itself—and the result is an absolutely righteous indignation.
Sustainable Crypto: A Distant Dream?
Let's be clear: I'm not inherently anti-crypto. There's potential for innovation and empowerment. But it needs a radically different vision – one that puts sustainability, transparency and community engagement first. We need to develop strong federal regulatory infrastructure that protects marginalized communities from predatory practices. Such frameworks must hold ventures accountable to advancing sustainable development goals, rather than working against them.
We have to hold accountable the people pushing these boondoggles. While the appropriateness of the Trump family’s involvement is itself questionable, such interference constitutes a conflict of interest. In short, don’t brush aside Senator Elizabeth Warren’s allegations of “crypto corruption.” We’ve got to stop letting elected officials off the hook. They must not benefit from projects that endanger the very populations they are obligated to protect.
Imagine American Bitcoin reinvested at least half of its profits in renewable energy infrastructure. This would be a great service to the developing countries it mines in. What if it proactively engaged with local communities to address their concerns and ensure that they benefit from the operation? That would be a start.
Will Trump’s Bitcoin play lead to greater freedom or foolishness {…} That’s the real question. How you go about it will determine the success or failure of the quest. It’s time to cut through the hype and examine critical positive and negative impacts, especially on developing countries. Let's advocate for policies that prioritize sustainable development, environmental protection, and the well-being of all citizens, not just the privileged few who stand to profit from this digital gold rush. Pay for the price of freedom with the misery of other people.
