Bitcoin mining giant Hut 8 has announced a new partnership to launch a major Bitcoin mining venture, American Bitcoin, with backing from two prominent members of the Trump family — Donald Trump Jr. and Eric Trump.
The partnership aims to create one of the world’s largest and most efficient Bitcoin mining operations, while aligning with pro-Bitcoin sentiments emerging under President Donald Trump’s administration.
In an exclusive interview on Cointelegraph’s Byte-Sized Insight series, Hut 8 CEO Asher Genoot shared insights on the venture’s vision, emphasizing that the timing was perfect for this new initiative. Genoot explained that the idea to separate Hut 8’s Bitcoin mining and energy infrastructure businesses had been in the works for some time, but meeting the Trump brothers and witnessing their passion for Bitcoin and infrastructure provided the catalyst needed to move forward.
Aiming for Efficiency and Scale
According to Genoot, the goal of American Bitcoin is not just to be the biggest player in the industry but to be the most efficient and cost-effective Bitcoin miner. The company aims to leverage the advantages of American soil, where energy infrastructure is abundant and relatively cost-effective, ensuring that their operation remains profitable.
“We don’t want to just be the biggest. We want to be the most efficient and cost-effective miner. If our cost basis isn’t low, we might as well just buy Bitcoin,” Genoot stated. The company’s strategy revolves around keeping costs low and scaling its operation, with ambitions of taking the company public on a U.S. exchange in the future.
Focusing on Bitcoin Mining and Renewable Energy
In addition to its Bitcoin mining focus, American Bitcoin plans to accumulate Bitcoin when market conditions are favorable. Hut 8 currently holds over 10,000 BTC, worth up to $1 billion at current market prices, and American Bitcoin aims to surpass that figure.
Genoot also addressed concerns about Bitcoin mining’s energy consumption, defending the practice by stating that every technological revolution has led to an increase in power consumption. He added, “Power consumption has only increased with every tech revolution. Cheap, excess energy is what drives Bitcoin mining — and a lot of that energy is renewable.”
Looking Ahead
The spinoff venture, American Bitcoin, is poised for rapid scaling. Genoot is confident that the company will succeed by maintaining its focus on efficiency, cost-effectiveness, and growth. “Our focus is scaling. Our focus is taking this company public on a US exchange,” he said.
Conclusion
With the backing of the Trump family and a clear strategy focused on efficiency and expansion, American Bitcoin is positioned to become a major player in the Bitcoin mining industry. Hut 8’s new venture aims to capitalize on America’s growing role in the global Bitcoin ecosystem, especially after China’s 2021 mining crackdown. The future looks promising for American Bitcoin as it seeks to scale its operations and potentially go public in the near future.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/trump-family-joins-forces-with-hut-8-to-allegedly-dominate-crypto-mining/