{"id":126143,"date":"2025-03-31T11:16:30","date_gmt":"2025-03-31T11:16:30","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126143"},"modified":"2025-03-31T11:16:30","modified_gmt":"2025-03-31T11:16:30","slug":"trump-sons-back-new-bitcoin-mining-venture-with-hut-8","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126143","title":{"rendered":"Trump sons back new Bitcoin mining venture with Hut 8"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSeveral members of US President Donald Trump\u2019s family are backing a new venture to launch what aims to become the world\u2019s largest Bitcoin mining firm.<br \/>\nHut 8, a digital asset mining and infrastructure company, announced on March 31 that it is acquiring a majority stake in American Bitcoin, formerly known as American Data Center. The firm was founded by a group of investors, including Trump\u2019s sons, Donald Trump Jr. and Eric Trump.<br \/>\nRelated: Bitcoin miner Hut 8 argues to toss \u2018short and distort\u2019 shareholder suit<br \/>\nAs part of the deal, American Bitcoin will take ownership of Hut 8\u2019s Bitcoin (BTC) mining hardware. Donald Trump Jr. said that the entrepreneurs behind American Data Centers have backed their conviction in Bitcoin personally and through business.<br \/>\nThe new venture \u201caims to become the world\u2019s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.\u201d Mining operations will remain under Hut 8\u2019s compute segment but will operate through the American Bitcoin brand.<br \/>\n\u201cMining it on favorable economics opens an even bigger opportunity. We\u2019re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin\u2019s growth.\u201d<br \/>\nThe Trump family bets on crypto<br \/>\nUS President Donald Trump is strongly pushing for policy favorable to the crypto industry as his family and companies continue to bet on it. Last week, he pardoned three co-founders of crypto exchange BitMEX who previously pleaded guilty to federal money laundering charges.<br \/>\nThe United States Treasury recently also dropped decentralized crypto mixer Tornado Cash from its sanction lists, invalidating related legal proceedings. The United States Securities and Exchange Commission (SEC) also recently declared that memecoins are not securities and the<br \/>\nRelated: Hut 8 tips 66% hashrate boost after deal to buy 31K Bitcoin miners<br \/>\nStrategic shift for Hut 8<br \/>\nHut 8 CEO Asher Genoot recognized the launch of American Bitcoin as a \u201cpivotal evolution\u201d in the firm\u2018s strategy. He said that separating the mining business from the rest of the corporate activities would allow it to raise its own capital and \u201calign each segment of the business with its respective cost of capital.\u201d He added:<br \/>\n\u201cIt evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments and establishes American Bitcoin as a pure-play mining platform built for exahash growth, Bitcoin production, and operating leverage.\u201d<br \/>\nThe report follows Hut 8 surpassing $1 billion worth of Bitcoin holdings after acquiring 990 BTC for $100 million at the end of 2024. At the time, the company\u2019s total Bitcoin mining stood at 10,096 BTC acquired at an average price of $24,484 per Bitcoin.<br \/>\nMagazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler\u2019s Digest, March 23 \u2013 29<br \/>\nThis is a developing story, and further information will be added as it becomes available.<a href=\"https:\/\/cointelegraph.com\/news\/trump-family-hut8-launch-bitcoin-mining-firm?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSeveral members of US President Donald Trump\u2019s family are backing a new venture to launch what aims to become the world\u2019s largest Bitcoin mining firm. Hut 8, a&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126143"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126143"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126143\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126143"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}