The Trump family deepens its involvement in cryptocurrency with a major move to bitcoin mining (BTC), according to a Wall Street Journal Report.
Eric Trump and Donald Trump Jr. combined their firm, American data centers, with a new mining adventure called American Bitcoin, who took a 20% stake in the company. The remaining 80% is owned by HUT 8, a publicly exchanged Crypto Infrastructure Firm, which contributes to nearly 61,000 mining machines to the new creature. According to the report, no cash has changed hands on the deal.
Eric Trump, who will serve as the chief official of the American Bitcoin strategy, describes the initiative in line with family focus on hard assets, preparing digital real estate currencies. He emphasized plans to build a “bitcoin reserve” and potentially bring the company publicly.
Although American Bitcoin is separate from the Trump organization, it can cooperate with the World Liberty Financial – the DeFI project launched by the Trump Brothers.
HUT 8 will be Maghost -Host mining operations at 11 US data centers. CEO Asher Genoot said low energy costs and measured infrastructure will give American Bitcoin a competitive edge.
The Board of Directors includes Tinder co-founder Justin Mateen and Fabfitfun co-founder Michael Broukhim. Despite criticizing the environmental impact of Bitcoin Mining, Eric Trump believes that lower US energy costs will help American miners exceed global competitors.
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