Trump-Backed Bitcoin Mining Company Orders 16,000 ASICs Amidst Trade War Uncertainty

American Bitcoin, a company backed by members of US President Donald Trump’s family, exercised an option to purchase up to 17,280 application-specific integrated circuits (ASICs), the hardware used in crypto mining, from Bitmain. This move follows escalating trade tensions between the US and China, with American Bitcoin purchasing a fleet of 16,299 Antminer U3S21EXPH units from Bitmain for approximately $314 million. The deal was finalized before tariffs imposed by the Trump administration were set to take effect, shielding them from potential price hikes.