Trump Family Invests in New Bitcoin Mining Venture

Donald Trump’s sons have joined forces with Hut 8 to launch a new company focused on building the world’s largest Bitcoin mining operation. American Bitcoin, formerly known as American Data Center, will acquire a majority stake in Hut 8’s Bitcoin mining hardware. The venture is led by Donald Trump Jr. and Eric Trump, who are backing their belief in Bitcoin through this investment. Hut 8’s mining operations will remain under its compute segment but operate through the newly established American Bitcoin brand. This move marks a significant shift for Hut 8, aiming to establish a robust strategic Bitcoin reserve while maximizing Bitcoin production efficiency. CEO Asher Genoot emphasized that separating the mining business from Hut 8’s broader operations will allow it to secure more predictable funding and streamline cost-effectiveness. This venture comes on the heels of Hut 8 acquiring 990 BTC worth $100 million, boosting their total Bitcoin holdings to over $1 billion. This new undertaking signifies a major push into the cryptocurrency market and reflects the growing influence of Trump’s family in this domain.