logo
The Bitcoin hum that is unsettling Trump's MAGA heartlands

The Bitcoin hum that is unsettling Trump's MAGA heartlands

BBC News23-05-2025
Dresden is in New York's Finger Lakes region – a rural area sliced through with deep glacial lakes, which attracts tourists drawn by its wineries, breweries and outdoor pursuits. In Yates County, home to Dresden and the Greenidge plant, around 60% of voters picked Trump last November.
According to the owners of the mine, Greenidge Generation, anywhere from 40 to 120 Bitcoin a month are being produced at the plant, along with some energy that flows back to the grid.
The company – which turned down requests for an interview – has argued that they converted a coal-burning operation into a relatively cleaner gas-fired power installation that complies with state environmental laws.
But amid public concern, New York state and Greenidge are currently engaged in a protracted legal battle over the plant's future. With some of the strictest environmental laws in the country, New York officials are challenging whether the gas-fired plant is permitted under the regulations that allowed the old coal plant. Power generation – and Bitcoin mining – has been allowed to continue during appeal proceedings.
Abi Buddington, who owns a house in Dresden and has been at the forefront of the fight against the crypto mine, says it has become a big issue locally.
"The climate changed, both environmentally as well as in our quiet little community," she says, recalling raised voices at contentious town hall meetings.
Ms Buddington is trying to change minds in Dresden and, through her network, elsewhere around the country.
"There are some who are environmentally concerned, and who may be Republican-leaning," she says. "What we've found nationally is even in red states, once elected officials are educated properly and know the harms, they are very opposed."
But not all are convinced. "They've been a good corporate neighbour," says Dresden's recently elected mayor, Brian Flynn, about the mine. "I'm pro-business, whether it be Greenidge or local agriculture… I think it's important to have a mix of both industry and recreation."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks
World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks

Reuters

time26 minutes ago

  • Reuters

World equities flat, crude oil prices fall as Trump, Putin hold high-stakes talks

NEW YORK/LONDON, Aug 15 (Reuters) - Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine. U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate cut. The Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average (.DJI), opens new tab rose 0.08%, the S&P 500 (.SPX), opens new tab fell 0.29% and the Nasdaq Composite (.IXIC), opens new tab fell 0.40%. "This market continues to move higher and the story is just earnings and margins," said Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey. "The inflation numbers that we saw this week were mostly services and in a services-based economy like ours, this is good for profit margins." Data showed that U.S. retail sales increased solidly in July, rising 0.5% from the prior month, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this year. European shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 (.STOXX), opens new tab index finished flat at 0.06%. The MSCI All Country World Index (.MIWD00000PUS), opens new tab consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War Two. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin go well. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - have largely stalled in recent days at a still-distressed 55 cents on the dollar. "There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation," Ramjee added. The two-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc . The euro was up 0.48% at $1.1702. The dollar index , which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst estimates. Brent crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $62.80. Spot gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52.

Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty
Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty

Reuters

timean hour ago

  • Reuters

Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty

NEW YORK, Aug 15 (Reuters) - The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve's next monetary policy move. A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday afternoon. UnitedHealth Group (UNH.N), opens new tab rose sharply after Warren Buffett's company (BRKa.N), opens new tab revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company. Rising costs in the broader healthcare sector and about a 40% slump in UnitedHealth's shares this year have left the Dow (.DJI), opens new tab lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4. The healthcare sector (.SPXHC), opens new tab gained on Friday, tracking its best weekly performance since October 2022. According to preliminary data, the S&P 500 (.SPX), opens new tab lost 18.86 points, or 0.29%, to end at 6,449.68 points, while the Nasdaq Composite (.IXIC), opens new tab lost 83.99 points, or 0.40%, to 21,626.68. The Dow Jones Industrial Average (.DJI), opens new tab rose 43.83 points, or 0.10%, to 44,955.09. More broadly, Wall Street's main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September. The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month. "The question is, has the tariff gotten into the price of goods yet? And it appears that there hasn't," said Joe Saluzzi, co-head of equity trading at Themis Trading. Saluzzi also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of complacency. In a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy. Chicago Fed President Austan Goolsbee was also cautionary in his remarks. Trump has said he will unveil tariffs on steel and semiconductors next week. Among other stocks that were on the move, Applied Materials (AMAT.O), opens new tab tumbled after the chip equipment maker issued weak fourth-quarter forecasts. Shares of Bank of America (BAC.N), opens new tab dropped after Berkshire Hathaway reduced its stake in the second-biggest U.S. lender by 4.2% to 605.3 million shares. It still owns about an 8% stake in BofA. Intel (INTC.O), opens new tab surged after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker.

Dollar eases as data keep September rate cut on track; eyes on Trump-Putin meeting
Dollar eases as data keep September rate cut on track; eyes on Trump-Putin meeting

Reuters

time2 hours ago

  • Reuters

Dollar eases as data keep September rate cut on track; eyes on Trump-Putin meeting

NEW YORK, Aug 15 (Reuters) - The dollar slipped on Friday as a data-heavy week wound down, keeping the case for a September Federal Reserve interest rate cut intact, while traders awaited talks in Alaska between U.S. President Donald Trump and Russian leader Vladimir Putin regarding Ukraine. The dollar, which had jumped on Thursday as data showed U.S. producer prices increased more than expected in July, gave up most of those gains on Friday, and was set to finish the week 0.4% lower against a basket of currencies. "The PPI figure yesterday was a shock, but there is still little concrete evidence for a tariff-driven spike in inflation," Kyle Chapman, forex markets analyst at Ballinger & Co in London, said. "With markets staying firm on their bets for a September cut and the focus now shifting to Alaska, the dollar is handing back its gains this morning," Chapman added. Money markets reflect a 93% chance of a 25-basis-point Fed rate cut in September, according to CME FedWatch. A Fed interest rate cut in September, the first this year, followed perhaps by another before year-end, remains the base forecast for most economists polled by Reuters amid rising concerns about the health of the world's biggest economy. Chicago Federal Reserve Bank President Austan Goolsbee on Friday said the latest reports this week showing a rise in services inflation are a source of "unease" given what he sees as the stagflationary impulse from tariffs on the economy. On Friday, investors were also watching to see if the Trump-Putin summit made any progress towards a ceasefire in Ukraine. "While anything could happen at the meeting between Trump and Putin, I think expectations are low for progress towards a lasting ceasefire and that tilts the risks towards a softer dollar if the market is pleasantly surprised," Ballinger's Chapman said. Most analysts expect Europe's single currency to benefit from any ceasefire deal in Ukraine. The euro was 0.5% higher at $1.1702 versus the dollar. The dollar found little support on Friday from data that showed U.S. import prices rebounded in July, boosted by higher costs for consumer goods. Separately, U.S. retail sales increased solidly in July, boosted by strong demand for motor vehicles as well as promotions by Amazon and Walmart. Markets also await next week's Jackson Hole symposium for clues on the Fed's next move. Signs of weakness in the U.S. labour market combined with any inflation from trade tariffs could present a dilemma for the Fed's rate cut trajectory. "While there are more Fed officials talking about resuming rate cuts, (Fed Chair Jerome) Powell may try to temper expectations about when and how much they'll cut," Brian Jacobsen, chief economist at Annex Wealth Management, said in a note. Against the yen, the dollar was 0.4% lower at 147.23 yen, following the release of surprisingly strong Japanese growth data, which showed export volumes held up well against new U.S. tariffs. U.S. Treasury Secretary Scott Bessent's remarks earlier this week that the Bank of Japan could be "behind the curve" in dealing with the risk of inflation proved to be another tailwind for the yen this week. Sterling rose against a weakening dollar on Friday and was set to end the week higher after upbeat economic data and a hawkish rate cut by the Bank of England. The pound was last up 0.2% at $1.35520, taking its gains for the week to 0.7%. Elsewhere, bitcoin was about unchanged on the day at $117,126. Bitcoin had at one point touched a record high on Thursday as increasing expectations for easier monetary policy from the Fed added to optimism stemming from a pro-crypto regulatory environment in Washington.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store