Canadian miner Hut 8 and a group of investors led by the sons of US President Donald Trump, Eric and Donald Jr., announced the launch of a new mining company called American Bitcoin. According to the press release, the project is focused exclusively on bitcoin mining and the formation of a reserve for the first cryptocurrency.
First, investors, including Eric Trump and Donald Trump Jr., created company American Data Centers. They exchanged 80% of the shares of this company for almost all Hut 8 mining equipment.
After the completion of this transaction, American Data Centers was renamed American Bitcoin. Hut 8 remains its exclusive operator under separate long-term commercial agreements.
The American Bitcoin company's team includes Hut 8 top managers and outside investors. Eric Trump became one of the project managers, he took the post of strategic director.
The report says that American Bitcoin aims to become the world's largest and most efficient bitcoin miner and create a reserve of them — it will become a public company and increase the hashrate to 50 Eh/s.
For comparison, the hashrate of the largest American miner MARA broker is 53.7 Eh/s, according to the company on January 3.
MARA has 16 data centers and manages a capacity of 1,700 MW. The Hut 8 business covers 1,020 MW at 15 sites in the United States and Canada.
According to American Bitcoin plan, the energy efficiency of mining is planned to be increased to levels of less than 15 J/TH (joules per terahesh). The management says that this format will give investors the opportunity not just to buy bitcoin, but to participate in its mining with a "transparent business model and market economy."
"Just buying Bitcoin is only half the battle. Its extraction on favorable terms opens up much greater opportunities," said Donald Trump Jr.
Up to this point, mining remained one of the cryptocurrency fields that the Trump family had not yet entered. Earlier, the Trumps launched the crypto company World Liberty Financial (WLF) and sold off its tokens worth millions of dollars. In January, the US president and his wife Melania Trump released their memcoins.
Last week, WLF announced the creation of the USD1 stablecoin. And Trump's media company, Trump Media (DJT), has entered into a partnership with one of the largest American crypto exchanges. Crypto.com for the purpose of launching exchange-traded products under the brand Truth.Fi.
