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In Rural Pennsylvania, Crypto Mining Offers a Lifeline for Dying Gas Wells

Published

8 months ago

4 June, 2024

In Rural Pennsylvania, Crypto Mining Offers a Lifeline for Dying Gas Wells

Holly May first heard the roaring noise during a youth hunting event on state game lands in the fall of 2022.

“It’s back a ways,” May said of the noise. “It was an area that I previously had liked to hunt in.” The plot of land, State Game Lands 44 in Pennsylvania’s northwest, was once home to a coal mine — since revegetated with native and pollinator-friendly plants and stocked with pheasants by the Pennsylvania Game Commission. Today, traces of its mining past are covered by tall, waving grasses and clusters of goldenrod flowers.

Getting to the site requires maneuvering up a treacherous gravel hill road and past a gate with a sign identifying the lessee of its mineral rights: Diversified Production LLC. Where the trees clear, grassland opens up, offering cover to the critters that May and others both hunt and protect.

But that fall day, finding pheasants was harder than usual. “It literally sound[ed] like you’re standing beside an airplane taking off,” she said.

May, a natural resources professional, wouldn’t find out until months later that the sound was coming from a different kind of mining operation than this land has grown accustomed to — one that searches for bitcoin.

The bitcoin mine sits atop a set of wells producing natural gas that — rather than being transported and sold — can be used to power banks of supercomputers that work around the clock to unlock cryptocurrency, a lucrative process. Today, one bitcoin is worth around $67,000.

Diversified Production’s crypto mining operation at Longhorn Pad A in Elk County, PA.

When May heard it roaring that day, the mine was up and running but without authorization from state regulators. The oil and gas producer Diversified had yet to secure the required permits to hook up the engines that power cryptocurrency mining on the low-producing fracking well pad, called Longhorn Pad A. Nonetheless, it ran for several weeks, one resident estimated.

Pennsylvania’s Department of Environmental Protection (DEP) later slapped the company with a notice of violation for breaking state air pollution and noise laws.

Then, without handing down any punishment, the regulators approved the mining operation in December.

The mine was the second Diversified site to be hit with a violation for operating without a permit. The agency did so as well at a neighboring site, Longhorn Pad C, which regulators discovered in March 2023. It also received the necessary permits for bitcoin mining two months later. Diversified, which has acquired some 70,000 wells in less than a decade, has surpassed Exxon Mobil Corp. to become the largest well owner in the nation. Many of these wells are low-producing and represent a risk if the company can’t afford to plug them at the end of their lives.

The situation adds to the growing concern about a potential surge in bitcoin mining — and its potential to increase air pollution — throughout Pennsylvania. Across the country, crypto mining is blamed for producing millions of tons of carbon dioxide and consuming vast amounts of electricity — more than some entire countries.

“We have invested tens of thousands of dollars in habitat work on that game lands,” May said. “Now, it’s really disturbing to use that whole back section … not to mention the greenhouse gas emissions.”

In issuing permits for the site, the DEP opted not to put a cap on its greenhouse gas emissions, noting that the site is not a “major” source of emissions relative to other polluters in the state, such as power plants. But the department did place a noise limit on the mine, even though Horton Township, where the mine is located, had already adopted a bitcoin mining ordinance that limited noise. PJ Piccirillo, a supervisor in Horton Township, said he was never contacted by Diversified Energy about the site throughout the entire permitting process.

The agency also forgave the company’s infractions in granting the permit, saying that Diversified had “satisfactorily addressed violations.”

In an email to Capital & Main, the DEP said Diversified has not yet started full-time operation of the bitcoin mine at Longhorn A because it has yet to install the “sound mitigation devices” its permit requires.

The bitcoin operations point to a gap in regulatory oversight that has allowed operators such as Diversified to start their mining operations without being fully transparent about their full plans or communicating with local communities about the potential impact of their operations, interviews and government emails obtained through Right-to-Know requests show. Regulators often lack the bandwidth to properly monitor all infractions, especially in rural areas, and oversight can be fractured — in the case of Longhorn Pad A, requiring input from three different agencies that don’t often communicate with one another.

“The permit applicant here has a bad track record in Pennsylvania,” said Robert Routh, Pennsylvania’s senior policy advocate for the Natural Resources Defense Council (NRDC), which filed a complaint opposing the mine last July alongside Earthjustice and the Clean Air Council.

“It appears they lack both the intent or the ability to comply with Pennsylvania law.”

From Bituminous to Bitcoin

In a process known as “wellhead mining,” Diversified’s Longhorn Pad A funnels natural gas from two fracking wells directly into engines that power banks of supercomputers. Disconnected from the grid, the mine can churn away on its own around the clock.

Diversified hadn’t owned the pad for very long before it took steps to turn it into a bitcoin mine. The company acquired the wells in November 2020 and formally applied to mine bitcoin there in June 2022. It powered up the mines the following October and operated for several weeks, according to resident complaints and emails reviewed by Capital & Main.

As the DEP’s permitting process was underway, staff at the Pennsylvania Game Commission expressed frustration that Diversified was not fully answering inquiries about their activities at the well site. Though the company’s permit applications on Longhorn Pads A and C clearly expressed its intent to mine bitcoin, early emails obtained by Capital & Main show company representatives were vague in communicating their plans to both agencies, referring to the mine as “containers” housing “computer equipment.” After finally meeting with the Game Commission, a Diversified executive offered to “partner” on projects for the agency, such as tree planting efforts and winter coat drives.

Both well pads house marginal, or low-producing, wells, which Diversified acquired from Pittsburgh-based fracking giant EQT in 2020. The wells had been inactive for around a decade before Diversified brought them back to life.

A highly energy-intensive process, bitcoin mining runs the risk of producing a surge in the state’s greenhouse gas emissions. Using what’s called the proof-of-work algorithm, bitcoin miners mint new coins by chipping away at complex mathematical equations. A September 2022 report from the Biden administration estimates that crypto operations are now responsible for 0.4% to 0.8% of the nation’s total greenhouse gas emissions. Bitcoin mining also generates localized air and water pollution as well as electronic waste, the report notes. Cooling the computers, which must remain at a set temperature, also requires vast water usage, which could strain drought-prone areas.

Emissions projections for Longhorn Pad A from Diversified’s permit application.

In its application for permits to add crypto-related generators to Longhorn A, Diversified predicted the site’s emissions of air pollutants, such as particulate matter and volatile organic compounds, would multiply by as much as 67 times once it began mining bitcoin.

Wells such as Longhorn A — which for most operators would be economically worthless since they lack pipeline capacity to transmit any gas they produce — are a model for giving new life to aging wells. Bitcoin mining offers them a new revenue stream and, as one bitcoin mine operator wrote in a 2023 blog post, going off-grid comes with a suite of “superpowers,” including the ability to relocate quickly and to “operate permissionlessly.”

The specter of a bitcoin gold rush in Pennsylvania seems to have caught regulators by surprise, interviews and documents obtained via Right-to-Know requests show. Thousands of low-producing wells are estimated to be scattered across the commonwealth, and environmentalists fear they could become targets for an emerging, hard-to-control industry.

‘Big Picture, We Don’t Ever Want to See Another One of These’

In Horton Township, Piccirillo said he first heard complaints from residents in the fall of 2022. At first he couldn’t explain the noise or the sudden increase in truck traffic on the road leading to the well. That is, until he and his fellow supervisors went to the site to see for themselves. The bitcoin mine was up and running on his first visit, shut off on his second, he said.

Minutes from Horton Township Board of Supervisors meetings show the mine came up repeatedly between August and October of 2022. Around a year later, the township passed an ordinance requiring that, before operating, bitcoin mines be housed in a “fully enclosed” building that would keep noise emissions below 50 decibels (roughly the noise level of a refrigerator) from the closest property line; and receive approval through a local permitting process. After visiting the site this past March, Piccirillo said the company still had not enclosed the mine in a soundproof building.

The road in Weedville, PA, just a few miles from Longhorn Pad C.

Around the same time that Piccirillo began fielding resident complaints, Dave Gustafson, director for the Bureau of Wildlife Habitat Management at the Pennsylvania Game Commission, started looking for answers as well. At first, none came. “We went back and forth, and over the next several months throughout the summer [of 2022], tried to reach out and find out, ‘Well, what are they exactly doing?’” he said. “They really didn’t tell us.”

Gustafson recalled that early correspondence from company representatives was vague. “They were very careful to say that what they were doing had to do with production and post-production of gas,” he said. “That’s careful language.”

The company took a similar tack in corresponding with the DEP. In April 2023, after the DEP hit Diversified with a violation for firing up its bitcoin mine on Longhorn C without permission, a company vice president pushed back. “We do not agree with this determination,” the executive wrote in an email, arguing that the engines at the site actually “provide power for oil and gas operations.” (The engines Diversified were cited for using are the same models the company noted in its permit application would be “associated with mining of crypto currency operations.”)

Meanwhile, emails show Diversified was slow to reply to agency queries, sometimes delaying answers to questions and plans to meet by weeks. An internal Game Commission memo noted that Gustafson emailed Diversified “requesting details of what was being developed on the Longhorn A pad” on Sept. 1, 2022. More than four months later, the memo said, “We had still not received a written response and only managed to get 1 phone conversation.”

Diversified’s notice of violation from the state’s Department of Environmental Protection.

As the bitcoin mines began operating, the Game Commission fielded its first complaints.

The situation presented a quandary for the state’s regulatory bodies, which appeared not to have communicated with each other about their shared experience with Diversified until July of 2023, records show. When a third agency — the Department of Conservation and Natural Resources — weighed in, another point of view emerged. “Our position is that [bitcoin mining] is certainly not permissible under our lease,” the department wrote in emails obtained by Capital & Main.

It took months for Gustafson to get the chance to arrange a visit to Longhorn A with Diversified representatives, because the company didn’t offer “a lot of good-natured or good partnerly communication,” he recalled last October. “We disagree, still to this day, about certain rights that they assert that they have, that we don’t believe that they have.”

“Big picture,” he continued, “we don’t ever want to see another one of these. We don’t even want this one there.”

Gustafson concedes that since getting in touch with Diversified’s staff, the company has agreed to several key compromises — including shutting down the bitcoin mine on peak hunting days. Emails also show that, after meeting with Gustafson, in the wake of months of delay, Diversified Chief Financial Officer Brad Gray offered to “partner with your organization to get some great projects completed,” highlighting that the company had previously sponsored tree-planting initiatives, fishing explorations, playground construction projects and winter coat drives for other entities.

The violations at the two Longhorn pads tops a list of 19 others the company admitted to in its permit applications for the Longhorn sites. Those violations should have been enough to derail Diversified’s application to mine bitcoin, Routh, the NRDC policy advocate, and the nonprofit environmental groups Clean Air Council and Earthjustice said in a public comment filed in opposition to the mine.

In response, the DEP said that “Diversified had worked with DEP to satisfactorily address violations occurring at other facilities the company operates.” They did not specify what steps the company had taken.

“The department offers a get-out-of-jail free card to Diversified and to any other polluters who don’t bother to apply for a permit,” Charley McPhedran, senior attorney in Earthjustice’s clean energy program, told Capital & Main. “The incentive for industry is to do whatever it wants.”

Capital & Main reached out to Diversified Energy PLC, the parent company to Diversified Production, with a list of questions. While it did not respond to specific questions, it offered a statement in response.

Fog hangs on the hillsides above the road to Longhorn Pad C.

“As part of our well optimization efforts, we undertook a pilot research program to study on-site cryptocurrency mining activities as a solution for stranded assets. Throughout the process, we have sought guidance and worked closely with the Department of Environmental Protection and Game Commission,” the statement reads. “Across our operations, we strive to be good stewards of our assets, focused on innovative solutions to best use resources while minimizing environmental impact and improving performance.”

The Department of Environmental Protection did not respond to a list of questions from Capital & Main.

For May, the hunter who has now stopped frequenting State Game Lands 44 in favor of quieter grounds, this type of operation has real-life consequences.

“It’s super frustrating to watch a private company come in and be a repeat offender,” said May.

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Is Shiba Inu a good buy while trading below $0.01?

Published

6 months ago

29 July, 2024

CoinFlix Staff

Is Shiba Inu a good buy while trading below $0.01?

Advances in artificial intelligence (AI) technology and innovative new drugs in the weight loss market were major contributors to stock market gains for much of the past year.

While investors have reaped generous returns from owning mega-cap technology and some pharmaceutical stocks, it’s human nature to wonder what else is out there and where additional value can be found.

Investment alternatives how cryptocurrencies have gained massive popularity over the past decade or so — and one of the most curious cryptocurrencies, Shiba Inu (SHIB 2.08%), it may seem very tempting, as trades below a penny.

Let’s take a look at the Shiba Inu and find out if it’s a good buy right now.

What is Shiba Inu?

The first thing to know about cryptocurrency in general is that not all cryptocurrencies are created equal. Some of the most popular cryptocurrencies out there include Bitcoin, EthereumIt is Solana. While each of them still carries some degree of speculation, all of these currencies have achieved some form of real-world application.

For example, Bitcoin is now accepted as a means of payment in some online stores and retail establishments. In addition, many projects that revolve around non-fungible tokens (NFT) tend to rely on Ethereum, Solana, and other major cryptocurrencies.

Shiba Inuin turn, is in a totally different category.

That is, Shiba Inu is often affiliated with Dogecoin. Although Dogecoin has experienced some fleeting volatility in the past — largely thanks to some irreverent support from high-level personalitiesincluding Mark Cuban and Elon Musk — cryptocurrency is largely seen as a joke.

In investing, non-serious investments tend to fall under the category of a meme. Shiba Inu is no exception here. With little to no real-world utility, Shiba Inu is widely seen as a meme coin.

Image source: Getty Images.

Should you buy Shiba Inu while it is selling for less than a penny?

Shiba Inu’s price dynamics closely follow the rules of supply and demand. At the moment, Shiba Inu has a total supply of 589 trillion tokens, and the coin is trading at just $0.000017.

With such an abundance of Shiba Inu coins available, the asset is anything but scarce. In other words, pretty much anyone can buy Shiba Inu if they want to. For this reason alone, it doesn’t have much appeal for investors looking to spot a profitable opportunity.

Given the lack of demand, it is not surprising to see that the Shiba Inu is trading for less than a penny. Unless a large number of institutional investors invested billions of dollars in purchasing Shiba Inu, I can’t imagine a world where the currency starts to gain traction in the market.

Since cryptocurrency is still considered a speculative investment, I consider it highly unlikely that large fund managers will buy Shiba Inu en masse.

Instead, I think Shiba Inu will continue to be the favorite among a small group of retail investors — specifically, inexperienced traders who follow the advice of online influencers or fake financial gurus.

If you are looking for exposure to cryptocurrency but can’t decide which coin to buy, there are many cryptocurrency stocks that could serve as a decent proxy. Companies like Coinbase, Robinhoodand even Microstrategy each offers investors some exposure to the cryptocurrency landscape, but with some degree of isolated risk.

So while Shiba Inu may seem cheap, there are many reasons why the coin’s value remains depressed. I think investors are better off moving on from Shiba Inu and considering more established cryptos or individual stocks operating in the crypto space.

Adam Spatacco has positions in Coinbase Global. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, and Solana. The Motley Fool has a disclosure policy.

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AI meme Raboo and crypto newbie ZRO

Published

6 months ago

29 July, 2024

CoinFlix Staff

Two coins outperforming DOGE: AI meme Raboo & crypto newbie ZRO

Disclosure: This article does not constitute investment advice. The content and materials presented on this page are for educational purposes only.

Raboo and ZRO are outperforming Dogecoin with unique features and growing investor interest.

In the evolving cryptocurrency market, Raboo (RABT) and ZRO are emerging as standouts, gaining significant traction among investors. These new coins are not only on the rise but are also outperforming the established meme coin, Dogecoin (DOGE).

Raboo’s unique integration of AI into meme culture and ZRO’s fresh approach are attracting a growing community of enthusiasts. This article delves deeper into the unique features of Raboo and ZRO, exploring how they are shaping the future of the crypto landscape and why they may offer compelling investment opportunities. Read on to discover the potential of these rising stars.

DOGE: The veteran memecoin

DOGE has a market cap of over $19 billion as of July 2024 and in this circulation, there is a supply of 145 billion DOGE. The price of the coin jumped 6% in the last 7 daysechoing the trend — increased investor interest and market recovery.

Although Dogecoin was initially created as a joke, it has still held up quite well, probably due to the fact that it has had a huge community since its inception and periodic endorsements from important people like Elon Musk, thus keeping this cryptocurrency relevant and moving.

Dogecoin’s current rise could also be driven by events such as increased institutional adoption and favorable developments around the Dogecoin Foundation. These events are generating more interest, with a halving likely in 2025. Analysts project that Dogecoin will trade within the $0.15 and $0.25 range in the near future.

ZRO: A Rising Star in the Crypto Universe

ZRO is the native token of LayerZero, a robust and promising newcomer to the cryptocurrency market, which has been attracting attention recently for its intrinsic value and recent market performance. LayerZero is a cross-chain interoperability protocol that allows blockchains to communicate seamlessly with each other, literally being a “blockchain of blockchains.” Ultra Light Nodes (ULNs) power this new development, verifying transactions and messages in a way that brings security and efficiency to chains like Ethereum, BNB Chain, and Avalanche. ZRO is up over 80% in the last 30 days, reaching $4.63 with a market cap of over $509 million.

While Dogecoin has been showing improved performance in the crypto scene recently, ZRO’s growth is very fast. Its strategic partnerships, such as the latest cooperation with Flare Network, extend it to 75 blockchains, greatly increasing its market position.

Analysts are bullish on ZRO and are pricing in long-term growth in the forecasts. While Dogecoin enjoyed community support and some celebrity endorsements, the focus that ZRO has placed on its technology development and practical applications gives it a distinct advantage in this increasingly competitive cryptocurrency landscape.

Raboo: Changing Memecoins with AI

Raboo (RABT) has quickly emerged as a significant player in the memecoin market, leveraging advanced AI technology to stand out from its competitors. The token’s unique approach includes a “Post-to-Earn” platform where users are rewarded for creating and sharing content, fostering dynamic community engagement. Raboo’s presale has been particularly successful, with tokens currently priced at $0.0048, representing a significant 233% increase since the presale began.

Despite Dogecoin’s established presence and recent price stability, Raboo’s rapid rise is remarkable. Analysts predict that Raboo could outperform Dogecoin, with expectations of a 100x return upon launch. This optimism is driven by Raboo’s unique technological capabilities and the growing appeal of its SocialFi features, which set it apart from more traditional memecoins.

Conclusion

Raboo and ZRO are emerging as strong contenders in the cryptocurrency market, outperforming the established Dogecoin with their unique features and strong community engagement. Raboo, with its AI-powered meme creation and “Post-to-earn” platform, offers a unique investment opportunity, especially for those looking to diversify their portfolios in the dynamic memecoin sector. ZRO’s focus on cross-chain interoperability also positions it well for future growth.

These developments highlight the evolving cryptocurrency landscape, where technological creativity and community-driven models are becoming increasingly important for success. Investors should consider Raboo for its high potential returns and innovative features.

For more information, visit the Raboo Pre-Order Website or follow the project at Telegram or X.

Disclosure: This content is provided by a third party. crypto.news does not endorse any products mentioned on this page. Users should do their own research before taking any actions related to the company.

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The Rise of Cryptocurrency ETFs: How to Invest in Digital Currency Without Buying Coins

Published

6 months ago

28 July, 2024

CoinFlix Staff

The Rise of Cryptocurrency ETFs: How to Invest in Digital Currency Without Buying Coins

The introduction of spot cryptocurrency ETFs offers a new and easy way for investors to gain exposure to digital currencies.

For much of crypto’s existence, those interested in purchasing digital assets would have to do so through cryptocurrency exchanges. But now, that’s starting to change.

If you’ve been hesitant to dive into crypto due to what can sometimes be a daunting and technical task when navigating cryptocurrency exchanges, now might be the perfect time to explore the new spot exchange-traded funds (ETFs) available to investors.

Image source: Getty Images.

What are spot ETFs?

A spot ETF is a financial instrument that allows investors to gain exposure to the price movements of an underlying asset – in this case, cryptocurrencies such as Bitcoin (BTC -1.63%) and Ethereum (ETH -1.36%) — without directly owning the asset. These ETFs are traded on traditional stock exchanges, and their value is directly tied to the current (or spot) price of the cryptocurrency.

One of the main differences between owning a spot ETF and owning the actual cryptocurrency is the responsibility of custody. When you own cryptocurrency, you need to manage its storage and security, which involves using digital wallets and understanding private keys. With spot ETFs, the responsibility of custody falls on the fund manager, making it easier for investors to gain exposure to the asset without worrying about the complexities of secure storage.

In many ways, you can think of spot ETFs as gold ETFs. When people buy a gold ETF, they don’t actually receive gold coins or bars. Instead, they own shares that track the price movement of gold.

Another important distinction is trading hours. Cryptocurrencies can be traded 24/7, while spot ETFs are subject to the stock exchange’s trading hours. This means that you can only trade ETFs during market hours. These limited hours can lead to potentially missing out on significant price movements that occur outside of the market’s designated trading hours.

Options available today

Currently, the only options for investors looking for spot cryptocurrency ETFs are Bitcoin and Ethereum. These two cryptocurrencies stand out due to their significant value and established track records, positioning them as attractive options for integration into the stock market via ETFs. Bitcoin, often referred to as digital gold, was the first cryptocurrency (created in 2009) and the first to gain approval for a spot ETF. With nearly seven months of trading now under its belt, the approval of the 11th Spot Bitcoin ETFs was touted as one of the most successful ETF launches in history.

More recently, nine Ethereum spot ETFs have gained approval from the Securities and Exchange Commission (SEC) to begin trading on July 23. As the second most valuable cryptocurrency and the backbone of the decentralized finance (DeFi) economy, Ethereum was the next best candidate for a spot ETF launch.

While limited to two cryptocurrencies, as investors become more comfortable with digital currencies and ETFs continue to prove popular, we can expect to see more cryptocurrencies gaining ground as ETFs. The early stages of this expansion are already visible, with applications for Solana Spot ETFs starting to come in.

How to buy an ETF outright

Buying a spot ETF involves several steps and considerations, just like any other ETF investment. Here’s a detailed guide on how to do it:

Start by researching the available Bitcoin and Ethereum ETFs. Compare their fees, assets under management (AUM), and performance. ETFs with lower fees and higher AUM are generally more attractive, as they may offer better liquidity and lower costs.
To buy ETFs, you need a brokerage account. If you don’t already have one, choose a brokerage that offers a wide range of ETFs, low fees, and a user-friendly platform.
If you’re new to the brokerage, you’ll need to provide personal information and fund your account with money from your bank. Most brokerages offer multiple funding methods, including ACH transfers, wire transfers, and check deposits.
Once your account is funded, use your broker’s search function to find the Bitcoin or Ethereum ETF you’ve decided to invest in. ETFs are usually identified by their ticker symbols, so knowing them can make your search easier.
Decide how many shares of the ETF you want to buy. You can place a market order, which buys the ETF at the current market price, or a limit order, which sets a maximum price you are willing to pay. Review your order carefully before submitting it.
Once you’ve purchased the ETF, monitor its performance and keep an eye on any news or developments related to cryptocurrencies and the ETF itself. Regularly reviewing your investment ensures that it aligns with your financial goals and risk tolerance.

An evolving landscape

The introduction of Bitcoin and Ethereum spot ETFs marks a significant milestone in the evolution of cryptocurrency investing. These financial instruments offer a simpler and more accessible way to gain exposure to digital currencies without dealing with the complexities of cryptocurrency exchanges and direct ownership.

By following the steps to purchase these ETFs through a brokerage account, investors can seamlessly integrate digital currencies into their investment strategies. As the cryptocurrency market continues to mature, the availability and acceptance of spot ETFs is likely to expand, providing even more opportunities for investors to participate in this dynamic asset class.

RJ Fulton has positions in Bitcoin, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.

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Trump raises over $4 million in bitcoin and other cryptocurrencies

Published

6 months ago

28 July, 2024

CoinFlix Staff

Trump raises over $4 million in bitcoin and other cryptocurrencies

Republican presidential candidate and former President Donald J. Trump holds a campaign rally at Van Andel Arena in Grand Rapids, Michigan, on July 20, 2024.

Bill Pugliano | Getty Images News | Getty Images

NASHVILLE, Tenn. — Former President Donald Trump is heading to Tennessee this weekend to deliver a keynote speech at a major bitcoin conference. It looks like he’ll be in front of a supportive crowd.

Trump, the Republican presidential nominee, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. Contributors have donated bitcoin, etherRipple’s XRP token, the stablecoin pegged to the US dollar USDC and several memecoins, according to a Federal Election Commission filing.

The more than 1,000-page report shows totals for the joint fundraising committee “Trump 47” from April 1 to June 30. The committee raised more than $118 million during that period, with payments going to the Trump campaign, the Republican National Committee and other parties, according to the filing.

At least 19 donors have contributed more than $2.15 million in bitcoin to the committee, the lawsuit shows. The contributors hail from 12 states, including some battleground states. Their professions include homemaker, U.S. military officer, missionary, painter, pizza sales representative and State Department security technician.

Crypto billionaire twins Tyler and Cameron Winklevoss led the charge, each contributing 15.57 bitcoins, or just over $1 million at the time of the donation. Since their contributions surpassed the $844,600 limit, the lawsuit indicates that the money was partially refunded. Mike Belshe, CEO of digital asset security firm BitGo, contributed $50,000 worth of bitcoin.

Tyler Winklevoss, CEO and co-founder of Gemini Trust Co., left, and Cameron Winklevoss, chairman and co-founder of Gemini Trust Co., speak during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

In recent months, Trump has positioned himself as the pro-crypto candidate for president, a reversal from his previous stance during his time in the White House. Trump launched his latest collection of non-fungible tokens on the Solana blockchain in April and has since been making increasingly optimistic crypto commentary. Along the way, he has gained the support of several influential tech and crypto investors, including venture capitalists Marc Andreessen and Ben Horowitz.

Trump will be in Nashville on Saturday to deliver the keynote address at The Bitcoin Conference, which is being held at the Music City Center. He will also host a campaign fundraiser in the city on the same day, where tickets cost up to $844,600 per person.

Front-row tickets include a seat at a roundtable with Trump and cost the maximum donation amount allowed for individuals. the Trump Committee 47. The next tier includes a photo with the former president for $60,000 per person or $100,000 per couple, according to the invitation.

Brian Hughes, an adviser to the Trump campaign, said that of the more than $4 million in cryptocurrency raised, most of it came in bitcoin.

“Crypto innovators and others in the tech sector are under attack from Kamala Harris and the Democrats,” Hughes said, referring to the de facto Democratic nominee. “While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump stands ready to encourage American leadership in this and other emerging technologies.”

Trump, the first major presidential candidate to accept donations in digital tokensYou can receive contributions in a variety of cryptocurrencies, including Dogecoin, Shiba Inu coin, XRP, USDC, and Ether.

Kraken founder and former CEO Jesse Powell has donated nearly $845,000 worth of ether. Stuart Alderotylegal director of Curlinggave $300,000 in XRP token. Alderoty recently attended a Trump fundraiser organized by venture capitalist David Sacks in San Francisco.

Former Messari CEO Ryan Selkis, who resigned last week from the company he co-founded after posting about “literal war” against Trump opponents, donated $50,000 in USDC.

So far, it appears that the Trump campaign is converting these contributions immediately to USDC and then liquidating the donations. In some cases, however, the campaign has chosen to keep the USDC.

Trump has personally promised to defend the rights of those who choose to self-custody their currencies, meaning they are not dependent on a centralized entity like Coinbase and instead use cryptocurrency wallets, which are sometimes beyond the reach of the IRS.

Trump also vowed at the Libertarian National Convention in Washington in May to keep Sen. Elizabeth Warren, D-Massachusetts, and “her henchmen” away from bitcoin holders. Warren is a vocal critic of cryptocurrencies.

Meanwhile, after a meeting at his Mar-a-Lago club in Florida with about a dozen bitcoin mining executives who pledged their support, Trump declared that all future bitcoins will be minted in the US if he returns to the White House.

Trump has named Ohio Senator J.D. Vance as his running mate, a move seen by many as a victory for the cryptocurrency sector. Vance has advocated for looser regulation of cryptocurrencies and revealed in 2022 that he personally holds bitcoin.

The Biden White House has stepped up regulation of cryptocurrencies, with the SEC stepping up its crackdown on the sector in recent years.