Eric Trump Launches Bitcoin Mining Company 'American Bitcoin' With Hut 8

Hut 8 said on Monday it had joined hands with President Donald Trump's son, Eric Trump, to launch a bitcoin mining company called American Bitcoin.

The Trump family is getting deeper into the crypto scene as former President Donald Trump promised to be the "crypto president."

The president vowed to promote the use of cryptocurrency in the U.S., though he has expressed skepticism about bitcoin in the past.

Earlier this year, Trump stated his preference for a "strong dollar," suggesting that he might not be a fan of bitcoin due to its potential to destabilize the dollar.

Earlier this year, Trump stated his preference for a "strong dollar," suggesting that he might not be a fan of bitcoin due to its potential to destabilize the dollar.

Despite this, Trump's sons, Donald Jr. and Eric, have displayed enthusiasm for bitcoin and other cryptocurrencies.

Last year, they discussed their interest in an interview with Sean Hannity on Fox News, following which they launched a company called American Data Centers with a group of investors to build a bitcoin mining operation.

Now, the majority of Hut 8's mining operations have been merged with American Data Centers to form American Bitcoin, with the Trump-backed investors holding an 80 per cent interest and the Canadian company retaining the remaining 20 per cent.

"From the start, we've backed our conviction in Bitcoin -personally and through our businesses," Donald Trump Jr. said.

"But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity."

"But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity."

American Bitcoin will mainly focus on bitcoin mining while building a strategic bitcoin reserve. The company will be led by CEO Matt Prusak, with Eric Trump serving as the chief strategy officer.

In the longer run, American Bitcoin plans to be publicly listed to expand its access to capital.

The carving out of the mining business will narrow Hut 8's focus on lower-volatility energy and digital infrastructure company.

The carving out of the mining business will narrow Hut 8's focus on lower-volatility energy and digital infrastructure company.

Hut 8 will serve as American Bitcoin's exclusive infrastructure and operating partner.