Trump Family Dives Into Bitcoin Mining with American Bitcoin!

The Trump family is jumping headfirst into the wild world of Bitcoin (BTC) mining with their new venture, American Bitcoin. Get ready for some serious crypto action!

On March 31, the press release dropped like a bombshell: Eric Trump and Donald Trump Jr. are teaming up with the crypto infrastructure powerhouse Hut 8 to launch American Bitcoin. The Trump brothers are taking a 20% stake, while Hut 8 grabs the remaining 80%. This is no small potatoes, folks!

Right out of the gate, American Bitcoin is all about mining, but that's just the beginning. The Trumps are dreaming big, talking about building a strategic Bitcoin reserve and maybe even going public. The sky's the limit!

Donald Trump Jr. is fired up, saying, "From the start, we've backed our conviction in Bitcoin - personally and through our businesses. But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity." You can feel the passion!

This move is just the latest in the Trump family's growing love affair with crypto. They've got their fingers in other pies too, like World Liberty Financial and a potential stablecoin. These guys are all in!

Now, some folks are worried about Bitcoin mining's impact on the environment, but Eric Trump, who's stepping up as the company's chief strategy officer, says American miners have a secret weapon: low energy costs. Hut 8's CEO, Asher Genoot, agrees, saying American Bitcoin's edge comes from cheap power and a setup that can grow like crazy.

In exchange for their 80% stake, Hut 8 is bringing some serious firepower to the table: 61,000 mining machines and 11 U.S. data centers to host the operations. Hut 8's stock shot up 6.4% after the news broke, but it's still down 42.8% for the year. It's a rollercoaster ride!

Asher Genoot is stoked about the partnership, saying, "By carving out our mining business into a standalone entity, which will raise its own capital, we align each segment of the business with its respective cost of capital. The transaction creates two focused yet complementary businesses, each purpose-built for its respective mandate. It 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." This guy knows his stuff!