The Trump family is deepening its participation in the cryptocurrency with an important movement in Bitcoin Mining (BTC), according to a Hut 8 press release.
Eric Trump and Donald Trump Jr. are merging their firm, US data centers, with a new mining company called American Bitcoin, having a 20% participation in the company. The remaining 80% will be owned by HUT 8, a cryptographic infrastructure firm that publicly quotes, which contributes with almost 61,000 mining machines to the new entity. According to the statement, no cash changed hands in the agreement.
Eric Trump, who will serve as American Bitcoin strategy director, describes the initiative as aligned with the family’s approach to hard assets, comparing digital currencies with real estate. He emphasized the plans to build a “Bitcoin Reserve” and potentially make the company public.
Although American Bitcoin is separated from the Trump organization, it can eventually collaborate with World Liberty Financial, the project defended by the Trump Brothers.
HUT 8 will organize mining operations in its 11 US data centers. CEO Asher Genoot said that low energy costs and scalable infrastructure will give American Bitcoin a competitive advantage.
The Board of Directors will include the co -founder of Tinder, Justin Mateen, and the co -founder of Fabfitfun Michael Broukhim. Despite criticism of the environmental impact of Bitcoin Mining, Eric Trump believes that the lowest energy costs in the United States will help US miners overcome global competitors.
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Update (March 31, 12:50 UTC): Update the story with the confirmation of Hut 8.
