Earlier this week, the Bitcoin Mining Giant Hut 8 revealed a cooperation It includes two members of the Trump family – Donald Jr. and Eric – and its plans to launch a new mining adventure, American Bitcoin.
In an exclusive interview with Decentralized in Cointelegraph’s Byte-sized Vision series, Hut 8 CEO Asher Genoot shared new details about the venture’s vision, why the timing is correct and how the company plans to measure.
The right team and the right time
“We thought about splitting our Bitcoin and energy mining businesses for a few hours,” Genoot said. “The meeting Eric and Don Jr., and seeing their deep desire for Bitcoin and infrastructure, is the perfect catalyst.”
According to Genoot, the goal is clear: to develop one of the largest and most efficient Bitcoin mining platforms, which are rooted in American land and in line with the pro-bitcoin sentiment that grows under the administration of President Donald Trump. “Eric told me, ‘I don’t want to engage in anything that is not the biggest and best,'” he said.
The move came to an important moment for US -based mining. In China outside the Post-2021 Crackdown photo, and Washington today opens the idea of a strategic bitcoin reserve, the American area in the global mining ecosystem is under the transformation.
Still, the size is not all. Genoot emphasized that efficiency and cost effectiveness are primarily in strategy.
“We don’t want to be the biggest. We want to be the most efficient and effective miners. If our cost basis is not low, we can also buy Bitcoin.”
Related: Bitcoin Miner Hut 8 argued to throw ‘short and distort’ shareholder suit
Mining and accumulating BTC
The American Bitcoin structure allows this BTC mine at low cost, accumulates more when the market allows, and potentially expand to other bitcoin ecosystem services. Hut 8 currently holds more than 10,000 BTCs in its balance, costing up to $ 1 billion depending on market conditions. American Bitcoin aims to overcome that.
And the company is not just bullish in Bitcoin; It is bullish for electricity consumption. Genoot pushes the criticism that mining is wasting energy:
“Electricity consumption has only increased to every tech revolution. Cheap, excessive energy drives bitcoin mining – and that much energy will change.”
At the forefront, Hut 8 mining mining has a huge ambition. “Our focus is scaling. Our focus is on getting this company publicly in a US exchange,” Genoot said. “You will hear from us soon.”
Listen to the entire stage of the byte-sized perspective for complete interview with cointelegraph podcasts Page, Apple podcast o Spotify. And don’t forget to check the entire cointelegraph lineup of other shows!
Have thoughts? Join to talk to X or email us at savannah@cointelegraph.com.
Magazine: The U-Turn of the SEC in Crypto leaves basic questions that are not answered
