Eric Trump and Donald Trump Jr. Have Partnered with Hut 8 to Launch American Bitcoin

This move underscores the family's deepening commitment to the Bitcoin mining industry. This aligns with Trump's vision of positioning the United States as a crypto global leader.

This article from Altcoin Buzz reports that Eric Trump and Donald Trump Jr. are joining forces with Hut 8, a publicly traded crypto infrastructure firm, to launch American Bitcoin. The company will focus on mining BTC in the U.S., aiming to become a major player in the sector.

Deepening Family Ties to Bitcoin Mining

The move marks a deepening commitment by the Trump family to the Bitcoin mining industry. It aligns with President Trump’s vision of positioning the U.S. as a crypto global leader. American Bitcoin is expected to deploy approximately 61,000 mining machines and control a substantial BTC reserve.

Eric Trump will serve as the Chief Strategy Officer of the venture, while Hut 8 will hold an 80% stake in the company. The Canadian firm will provide the mining hardware and hosting operations across its 11 U.S. data centers, ensuring low-cost, large-scale Bitcoin production.

This initiative follows the Trump family’s foray into the crypto space with projects like World Liberty Financial, the introduction of meme coins, and plans for a dollar-backed stablecoin. President Trump’s goal is to make the U.S. the global hub for cryptocurrency.

Trump Family Ventures: Challenges and Criticisms

The decision to enter the Bitcoin mining industry aligns with the family’s broader strategy to make America “energy dominant.” By hosting mining operations domestically, they aim to harness the country’s energy resources to power the energy-intensive process of Bitcoin mining, ultimately bolstering the U.S. economy and reducing reliance on foreign mining operations.

However, the venture faces challenges. The Bitcoin mining industry has come under scrutiny for its environmental impact, and Eric Trump and his team will need to navigate the ongoing debate surrounding the sustainability of crypto mining.

In addition to environmental concerns, the Trump family’s increasing involvement in cryptocurrency has raised eyebrows regarding potential conflicts of interest and the centralization of power within the crypto space.

Critics argue that their ventures, such as the launch of the USD1 stablecoin, could consolidate global political power by leveraging the Trump brand, moving away from the decentralized principles that underpin cryptocurrencies like Bitcoin.