The Trump family elaborates its involvement in cryptocurrency with a big step to Bitcoin (BTC) mining, according to a Wall Street Journal report.
Eric Trump and Donald Trump Jr. merges their regular US data centers with a new mining called American Bitcoin, which takes a 20% share in the company. The remaining 80% are owned by HUT 8, a listed cryptoinfrastructure company, which contributes almost 61,000 miners to the new unit. According to the report, no cash hands changed in the agreement.
Eric Trump, who will act as American Bitcoin’s Chief Strategy Officer, describes the initiative which, in line with the family’s focus on tough assets and compares digital currencies with real estate. He emphasized plans to build a “Bitcoin reserve” and potentially take the company public.
Although American Bitcoin is separate from the Trump organization, it can eventually collaborate with the World Liberty Financial -Defi project launched by the Trump brothers.
Hytte 8 will host mining in its 11 US data centers. CEO Asher Genoot said that low energy costs and scalable infrastructure will give American Bitcoin a competitive advantage.
The board will include Tinder co-founder Justin Mateen and Fabfitfun co-founder Michael Brukhim. Despite criticism of Bitcoin Mining’s environmental impact, Eric Trump believes that lower US energy costs will help US miners surpass global competitors.
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