The Trump family is set to launch a bitcoin mining-focused venture with Hut 8 Corp., the latest expansion of the president's ties to the cryptocurrency sector.
Hut 8 is starting American Bitcoin Corp. as a majority-owned subsidiary, focused exclusively on bitcoin mining and "strategic bitcoin reserve development," the Miami-based company said in a statement Monday.
During the presidential campaign, Donald Trump vowed to ensure that all remaining bitcoin is "made in the USA" and to
The launch of the mining venture follows Hut 8's acquisition of a majority interest in American Data Centers, a company formed by a group of investors including Eric Trump and Donald Trump Jr. Following that transaction, American Data Centers has been renamed and relaunched as American Bitcoin Corp., Hut 8 said.
The president's previous forays into crypto include issuing collections of nonfungible tokens, digital collectibles that show him in a variety of poses and costumes. Along with his sons, he's also endorsed the
Hut 8 has transferred substantially all of its ASIC mining equipment to the new American Bitcoin entity in exchange for an 80% stake in that business, it said. Eric Trump will serve as American Bitcoin's chief strategy officer.
Donald Trump made the mining pledge in a post on his Truth Social account in June after meeting at Mar-a-Lago with a group of executives from crypto miners, the companies whose massive, high-tech data centers do the work that facilitates transactions on the blockchain in exchange for compensation paid in Bitcoin or other cryptocurrencies.
The bitcoin mining sector in the U.S. has morphed into a multibillion-dollar industry over the last several years as the token saw exponential increases in prices. The total computing power generated from U.S.-based miners was below 50% as of the end of last year.
