Trump family joins forces with Hut 8 to launch Bitcoin mining venture

The Trump family enters Bitcoin (BTC) Mining business with a new company called American Bitcoin.

According to the press release Dated March 31, Eric Trump and Donald Trump Jr. joined forces with the Hut 8 public negotiation infrastructure to launch a Bitcoin mine AMERICAN BITCOIN company. Eric and Donald Trump Jr. will hold 20% of the company, while Hut 8 will hold the remaining 80%.

Initially, the company will focus on mining operations. In the future, Trump mentioned the plans to build a strategic bitcoin reserve and potentially become public.

“From the start, we supported our conviction to Bitcoin – personally and through our businesses,” said Donald Trump Jr. “But the purchase of Bitcoin is only half of history. Useing it on the favorable economy opens an even greater opportunity. ”

This company is part of the Trump family involvement in the cryptography sector, which also includes other projects such as World Liberty Financial and a Potential stablecoin.

Despite the concerns about the environmental impact of Bitcoin Mining, Eric Trump, who will serve as director of the company’s strategy, says that the lower energy costs in the United States will give American minors a global competitive advantage. Asher Genoot, CEO of Hut 8, also noted that the competitive advantage of American Bitcoin would come from low energy costs and an evolutionary infrastructure.

In exchange for 80% in American bitcoin, Chet 8 will provide 61,000 mining machines and will host operations in 11 American data centers. Hut 8’s Stock jumped 6.4% after the announcement, but it is still down 42.8% this year.

Asher Genoot, the CEO of Hut 8, commented the partnership:

“By causing our mining activities in an autonomous entity, which will increase its own capital, we align each segment of the company with its respective cost of capital. The transaction creates two targeted but complementary companies, each objective to an obstacle lower than its mandate. production and operating lever effect. »»