Hut 8 and the Trump family have announced the launch of a new large-scale mining venture in the United States, leveraging existing infrastructure and resources.
Beginning of a New Venture
In a Bloomberg interview, Hut 8 CEO Asher Genoot and Eric Trump discussed the new Bitcoin mining initiative. Instead of starting from scratch, Hut 8 contributes its mining rigs to the project in exchange for an 80% share in American Bitcoin. This approach enables the venture to commence as a scaled operation from day one.
Market Entry Plans
Genoot highlighted the company's future plans to go public, positioning itself as a 'pure play' Bitcoin miner capable of producing BTC cheaper than buying it. American Bitcoin aims to hold Bitcoin on its balance sheet, creating a strategic reserve and establishing itself as a major player in the sector.
Synergy with US Energy Sector
The partnership between Hut 8, Eric Trump, and American Data Centers is seen as a synergy between cryptocurrency and America’s energy infrastructure. Genoot expressed confidence in Bitcoin and the country’s energy infrastructure. He also emphasized the desire for broader Bitcoin adoption at the state and federal level, noting that the venture will 'lead by example.'
The new venture promises to become a significant force in the Bitcoin mining world, leveraging existing resources and strategic partnership with the Trump family.
