Trump Family to Launch New Bitcoin Mining Venture with Hut 8
Key Takeaways:
- The venture experiments with a split model that isolates mining as a standalone unit.
- A high-profile backing blends public recognition with technical oversight.
- The strategy offers a fresh framework for evaluating crypto asset performance.
On Monday, Hut 8 Corp. announced the launch of American Bitcoin Corp., an industrial-scale Bitcoin mining venture created in partnership with Eric Trump and Donald Trump Jr. in the United States.
In a press release, Hut8 said this initiative looks to establish itself as the largest and most efficient pure-play Bitcoin miner while also building a strategic Bitcoin reserve.
The initiative follows Hut 8’s contribution of most of its ASIC miners to American Data Centers, Inc., which has since been renamed American Bitcoin.
The transition reflects Hut 8’s broader restructuring to streamline its Bitcoin mining operations.
American Bitcoin Mining to Absorb Hut 8 Operations
Under the new agreement, American Bitcoin will assume all Bitcoin mining activities previously handled under Hut 8’s Compute segment.
Hut 8, however, will remain central to operations by serving as the exclusive infrastructure and operations partner.
This partnership is expected to support long-term revenue growth for Hut 8’s Power and Digital Infrastructure segments.
“By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” said Eric Trump, co-founder of American Bitcoin.
Donald Trump Jr. added that while holding Bitcoin has value, mining it under favorable conditions offers a stronger growth opportunity.
Hut 8 CEO Asher Genoot noted that creating American Bitcoin as a standalone entity allows the mining division to scale independently and attract investment.
Meanwhile, Hut 8 can concentrate on its infrastructure services, creating a more predictable and financeable structure for both companies.
Leadership and Operational Support
The leadership team at American Bitcoin will include Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer.
The Board of Directors will initially feature Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
As part of the agreement, Hut 8 will provide ASIC colocation and managed services to American Bitcoin, ensuring a smooth transition and continued operational excellence.
“When the Trump family starts mining Bitcoin, you know the game has changed. This is rocket fuel for the entire industry and a huge signal to investors that now is the time to back real Bitcoin infrastructure,” Mati Greenspan, CFO of Quantum Expeditions, told Cryptonews.
The post Trump Family to Launch New Bitcoin Mining Venture with Hut 8 appeared first on Cryptonews.
Read More
Grayscale Launches Two Bitcoin Income ETFs to Monetize Volatility
Sen. Ted Cruz Introduces FLARE Act on Bitcoin Mining
Trump Family to Launch New Bitcoin Mining Venture with Hut 8
Key Takeaways:
- The venture experiments with a split model that isolates mining as a standalone unit.
- A high-profile backing blends public recognition with technical oversight.
- The strategy offers a fresh framework for evaluating crypto asset performance.
On Monday, Hut 8 Corp. announced the launch of American Bitcoin Corp., an industrial-scale Bitcoin mining venture created in partnership with Eric Trump and Donald Trump Jr. in the United States.
In a press release, Hut8 said this initiative looks to establish itself as the largest and most efficient pure-play Bitcoin miner while also building a strategic Bitcoin reserve.
The initiative follows Hut 8’s contribution of most of its ASIC miners to American Data Centers, Inc., which has since been renamed American Bitcoin.
The transition reflects Hut 8’s broader restructuring to streamline its Bitcoin mining operations.
American Bitcoin Mining to Absorb Hut 8 Operations
Under the new agreement, American Bitcoin will assume all Bitcoin mining activities previously handled under Hut 8’s Compute segment.
Hut 8, however, will remain central to operations by serving as the exclusive infrastructure and operations partner.
This partnership is expected to support long-term revenue growth for Hut 8’s Power and Digital Infrastructure segments.
“By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” said Eric Trump, co-founder of American Bitcoin.
Donald Trump Jr. added that while holding Bitcoin has value, mining it under favorable conditions offers a stronger growth opportunity.
Hut 8 CEO Asher Genoot noted that creating American Bitcoin as a standalone entity allows the mining division to scale independently and attract investment.
Meanwhile, Hut 8 can concentrate on its infrastructure services, creating a more predictable and financeable structure for both companies.
Leadership and Operational Support
The leadership team at American Bitcoin will include Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer.
The Board of Directors will initially feature Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
As part of the agreement, Hut 8 will provide ASIC colocation and managed services to American Bitcoin, ensuring a smooth transition and continued operational excellence.
“When the Trump family starts mining Bitcoin, you know the game has changed. This is rocket fuel for the entire industry and a huge signal to investors that now is the time to back real Bitcoin infrastructure,” Mati Greenspan, CFO of Quantum Expeditions, told Cryptonews.
The post Trump Family to Launch New Bitcoin Mining Venture with Hut 8 appeared first on Cryptonews.
Read More
Grayscale Launches Two Bitcoin Income ETFs to Monetize Volatility