The Trump Family Will Launch a New Bitcoin Mining Project with Hut 8

On Monday, Hut 8 Corp. announced the launch of American Bitcoin Corp., an industrial-scale Bitcoin mining joint venture established in collaboration with Eric Trump and Donald Trump Jr. in the United States.

In the press release, Hut8 stated that this initiative aims to establish itself as the largest and most efficient Bitcoin mining company, while also building a strategic Bitcoin reserve. This initiative comes after Hut 8 contributed a large portion of its ASIC miners to American Data Centers, Inc., a company that has now rebranded to American Bitcoin. This conversion process reflects the broader restructuring process of Hut 8 aimed at streamlining Bitcoin mining operations. The Bitcoin Mining of the US Will Continue the Operations of Hut 8 According to the new agreement, American Bitcoin will take over all Bitcoin mining operations previously belonging to the Compute segment of Hut 8. However, Hut 8 will still play a central role in operations by acting as the exclusive partner for infrastructure and operations. This partnership is expected to support long-term revenue growth for Hut 8's Digital Infrastructure and Power segments. Eric Trump, co-founder of American Bitcoin, stated: "By combining Hut 8's proven excellence in data center operations with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant growth in the future." Donald Trump Jr. added that while holding Bitcoin is valuable, mining it under favorable conditions presents a stronger growth opportunity. The CEO of Hut 8, Asher Genoot, noted that establishing American Bitcoin as an independent entity allows the mining division to scale independently and attract investment. Meanwhile, Hut 8 can focus on infrastructure services, creating a more predictable and easier-to-finance structure for both companies. Leadership and Support Activities The leadership team at American Bitcoin will include Mike Ho as the Chief Executive Officer, Matt Prusak as the Chief Operating Officer, and Eric Trump as the Chief Strategy Officer. The initial board of directors will include Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim. According to the agreement, Hut 8 will provide ASIC hosting services and managed services for American Bitcoin, ensuring a smooth transition and maintaining excellent operations. Mati Greenspan, Chief Financial Officer of Quantum Expeditions, told Cryptonews that: "When the Trump family started mining Bitcoin, you know the game has changed. This is rocket fuel for the entire industry and a big signal for investors that now is the time to support the real Bitcoin infrastructure."