Overview
The Trump family is enhancing its role in the cryptocurrency space through a new initiative in bitcoin mining. Eric Trump and Donald Trump Jr. have joined forces with Hut 8, establishing American Bitcoin, which will manage 61,000 mining machines. Eric Trump will be the chief strategy officer, focusing on creating a ‘bitcoin reserve’ and possibly taking the company public.
Details
- Ownership: Hut 8 will hold 80% and provide the mining equipment, while the Trump brothers maintain a 20% stake.
- Partnerships: This initiative aligns with other projects by the Trump family, like World Liberty Financial and a proposed stablecoin.
- Infrastructure: Hut 8 will host operations across its 11 U.S. data centers, aiming for cost-efficient bitcoin production.
In addition, while the American Bitcoin venture operates independently from the Trump Organization, potential collaborations with the DeFi initiative, World Liberty Financial, are on the horizon. Hut 8’s CEO, Asher Genoot, emphasized that the venture’s cost structure and scalable solutions will position American Bitcoin favorably against global competitors despite environmental critiques of bitcoin mining.
