The sons of the newly elected president of America, Donald Trump Jr and Eric Trump have partnered with Hut 8, a digital asset mining and infrastructure company to launch American Bitcoin (Corp), a Bitcoin mining company. Hut 8 confirmed the development in a blog post on Monday, while describing American Bitcoin as an exclusive industrial-scale Bitcoin mining and strategic Bitcoin reserve firm.
Notably, American Bitcoin was launched following the collaboratory efforts of all Hut 8 ASIC miners, with each securing a majority stake in American Data Centers, Inc.. Group of investors including sons of US president, Donald Trump Jr. and Eric Trump formed the company. Also, in connection with the transaction, American Data Centers, Inc. subsequently relaunched as American Bitcoin.
As a result of this coalition, all Bitcoin mining operations previously reported under Hut 8’s Compute segment will now operate through the American Bitcoin brand. According to the post, Hut 8 will also serve as the American Bitcoin’s exclusive infrastructure and operations partner through series of long-term commercial agreement. As revealed, this agreement intends to generate stable, contracted revenue streams in Hut 8’s Power and Digital Infrastructure segments.
Meanwhile, Eric Trump, the Co-founder of American Bitcoin while reacting to the development revealed the corporation’s delight partnering with Hut 8, a renowned leader in Bitcoin ecosystem. He added that by combining Hut 8 exceptional track record with investors’ passion for Bitcoin, the company will drive significant future growth.
Similarly, the eldest son of US President, Donald Trump Jr stated that mining Bitcoin on favorable economics opens doors for bigger opportunities. He also revealed American Bitcoin’s excitement to onboard investors on a platform designed to deliver real, tangible participation in Bitcoin’s growth.
Hut 8 CEO reacts to the partnership
Similarly, Hut 8 CEO, Asher Genoot added that the establishment of American Bitcoin marks a significant evolution in the firm’s strategy. He added that the partnership also bring the firm closer to achieving a predictable, financeable, lower-cost-of-capital segment and establishes American Bitcoin as a pure-play mining platform built for “exahash growth”, Bitcoin production, and operating leverage.
Read More: