President Trump's Sons Don Jr. and Eric Trump Have Invested in a Bitcoin Mining Venture

Two of President Trump's sons have invested in a bitcoin mining venture as the family further strengthens its ties to the industry.

Two of President Trump's sons have invested in a bitcoin mining venture as the family further strengthens its ties to the industry.

Don Jr. and Eric Trump announced on Monday the launch of American Bitcoin, which will join forces with the already established Bitcoin mining company Hut 8.

Eric will become the chief strategy officer of the new firm, which will focus on mining bitcoin and aims to ultimately become publicly listed, a statement said.

Bitcoin mining is the process of validating transactions and using mathematical equations to add to the blockchain. It requires immense computer power and Hut 8 runs sprawling data centers with high-powered servers to get the job done.

'From the start, we’ve backed our conviction in Bitcoin, personally and through our businesses,' Don Jr. said in a statement.

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

Trump has been transparent about his desire to make America the 'crypto capital of the planet.'

He promised to be the 'crypto president,' who will popularize its mainstream use in America, despite once being a crypto skeptic himself who described bitcoin as a 'scam.'

Don Jr. and Eric Trump announced on Monday the launch of American Bitcoin, which will join forces with the already established Bitcoin mining company Hut 8

Two of President Trump's sons have invested in a bitcoin mining venture as the family further strengthens its ties to the industry

Eric will become the chief strategy officer of the new firm, which will focus on mining bitcoin and aims to ultimately become publicly listed, a statement said.

He has said he backs crypto because it can improve the banking system and increase the dominance of the US dollar.

At the same time the Trump family, long known for skyscrapers and country clubs, rapidly gained hundreds of millions of dollars through their crypto investments.

Eric and Don Jr. outlaid their bold vision for the future of their new venture in a statement on Hut 8.

'American Bitcoin aims to become the world’s largest, most efficient pure-play miner while building a robust strategic Bitcoin reserve,' the statement read.

'Initially, American Bitcoin’s results will be consolidated within the Company’s financial statements for reporting purposes. Hut 8 will serve as American Bitcoin’s exclusive infrastructure and operations partner.

The partnership 'combines Hut 8’s proven mining operations, cost-efficient infrastructure development capabilities, and disciplined approach to capital allocation with Eric Trump’s commercial acumen, capital markets expertise, and commitment to the advancement of decentralized financial systems,' the statement added.

Proving the family's commitment to the sector, Trump and Melania even launched two separate meme coins on Inauguration day.

Trump's $Trump earned more than $100million in January alone before it crashed. Similarly, early takers of Melania's meme coin stood to make millions before it plummeted.

Bitcoin mining is the process of validating transactions and using mathematical equations to add to the blockchain. It requires immense computer power and Hut 8 runs sprawling data centers (pictured) with high-powered servers to get the job done

Donald Trump launched his Trump meme coin on Inauguration day

A representation of TrumpCoin cryptocurrency

Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them.

And during the election campaign, Trump and his sons launched World Liberty Financial, a crypto company which offers two digital currencies, including a 'stablecoin' which Eric and Don Jr. launched last week.

World Liberty's goal is to allow people to access financial services using cryptocurrencies and without intermediaries like banks.

World Liberty disclosed in January that the Trump family had taken control of the business, a review of changes in the fine print on the website shows.

Two of its co-founders, crypto entrepreneurs Zak Folkman and Chase Herro, were replaced as the controlling parties of World Liberty by an entity in which the Trump family holds a 60 percent stake.

It was during his campaign that Trump promised to make America the 'crypto capital of the planet' by enacting new laws to pave the way for financial institutions and pension funds to invest in these controversial and risky assets

The Trump Organization announced in January that the president's investments, assets and business interests would be held in a trust managed by his children and he would play no role in day-to-day operations or decision-making.

The family's business also retained an attorney to serve as an ethics adviser to 'avoid any perceived conflicts of interest.'