Trump Family Joins Forces with Hut 8 to Allegedly Dominate Crypto Mining

Bitcoin mining giant Hut 8 has announced a new partnership to launch a major Bitcoin mining venture, American Bitcoin

Bitcoin mining giant Hut 8 is launching a new venture, American Bitcoin, with backing from Donald Trump Jr. and Eric Trump, to create one of the world’s largest and most efficient Bitcoin mining operations.

The partnership aims to align with pro-Bitcoin sentiments emerging under President Donald Trump’s administration and follows China’s 2021 crackdown on Bitcoin mining.

In an exclusive interview on Cointelegraph’s Byte-Sized Insight series, Hut 8 CEO Asher Genoot shared insights on the venture’s vision and the perfect timing for this new initiative.

Genoot mentioned that the idea of separating Hut 8’s Bitcoin mining and energy infrastructure businesses had been in the works for some time, but meeting the Trump brothers and witnessing their passion for Bitcoin and infrastructure provided the catalyst needed to move forward.

According to Genoot, the goal of American Bitcoin is not just to be the biggest player in the industry but also to be the most efficient and cost-effective Bitcoin miner. The company aims to leverage the advantages of American soil, which has abundant and relatively cost-effective energy infrastructure, ensuring that their operation remains profitable.

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“We don’t want to just be the biggest. We want to be the most efficient and cost-effective miner. If our cost basis isn’t low, might as well just buy Bitcoin,” said Genoot.

Their strategy centers around keeping costs low and scaling the operation, with ambitions to take the company public on a U.S. exchange in the future.

In addition to its Bitcoin mining focus, American Bitcoin plans to accumulate Bitcoin when market conditions are favorable. Hut 8 currently holds over 10,000 BTC, which is worth up to $1 billion at current market prices, and American Bitcoin aims to surpass that figure.

Genoot also addressed concerns about Bitcoin mining’s energy consumption, defending the practice by stating that every technological revolution has led to an increase in power consumption.

“Power consumption has only increased with every tech revolution. Cheap, excess energy is what drives Bitcoin mining — and a lot of that energy is renewable,” he added.

The spinoff venture, American Bitcoin, is poised for rapid scaling. Genoot is confident that the company will succeed by maintaining its focus on efficiency, cost-effectiveness, and growth.

“Our focus is scaling. Our focus is taking this company public on a US exchange,” he said.

With the backing of the Trump family and a clear strategy focused on efficiency and expansion, American Bitcoin is aiming to become a major player in the Bitcoin mining industry. Hut 8’s new venture aims to capitalize on America’s growing role in the global Bitcoin ecosystem.