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Riot Platforms, Marathon Digital, and CleanSpark, three of the largest Bitcoin mining companies in the U.S., have backed a new political action committee to support pro-crypto candidates in key swing states.
This committee, the Bitcoin Voter PAC, has launched a $2 million digital ad campaign aimed at Pennsylvania and Texas voters, according to Fox Business.
The PAC will promote Republican candidates such as former President Donald Trump, Senator Ted Cruz, and Senate candidate Dave McCormick. The ads focus on the benefits of Bitcoin (BTC) and digital assets, emphasizing their potential for job creation and financial freedom.
With support from major miners, the PAC seeks to influence races that could impact the $2 trillion crypto industry. The ads, primarily targeting social media platforms like X, are designed to appeal to voters who are less engaged with traditional media.
Bitcoin and crypto spending this election season
This election season has been marked by discussions of crypto policy and crypto donations. Crypto-focused PACs are influencing U.S. election campaigns by supporting candidates who advocate for pro-crypto legislation.
These PACs aim to counter anti-crypto candidates and focus on key Senate races in Ohio, Montana, Maryland, and Michigan, hoping to create a more favorable regulatory environment amid growing public interest in cryptocurrency.
Crypto donations for the 2024 U.S. election have surged to $190 million, surpassing previous cycles.
In contrast, crypto donations in 2020 amounted to just $15 million, including a notable $5.2 million from Sam Bankman-Fried. Major contributors in 2024 include executives from Coinbase, Ripple, and Gemini, with donations largely supporting non-partisan groups and PACs.
Bitcoin mining has emerged as a key issue in states like Texas, where debates over power grid strain continue. The PAC hopes to build broader support for Bitcoin mining as the election approaches, according to Fox Business.