Hut 8 Partners with Trump Family to Launch American Bitcoin, Enhancing Potential in Cryptocurrency Sector
The post Hut 8 Partners with Trump Family to Launch American Bitcoin, Enhancing Potential in Cryptocurrency Sector appeared on BitcoinEthereumNews.com.
In a significant development for the cryptocurrency sector, Hut 8 Mining Corp has partnered with American Data Centers to establish a new bitcoin mining venture, American Bitcoin. The collaboration not only increases Hut 8’s mining capabilities but also deepens the Trump family’s involvement in the rapidly evolving digital asset space. According to Hut 8 CEO Asher Genoot, “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.” This article explores Hut 8’s strategic partnership with American Data Centers and its implications for the bitcoin mining industry, amid ongoing market challenges. Hut 8’s New Direction in Bitcoin Mining: Strategic Partnership with American Data Centers Hut 8 Mining Corp, one of North America’s largest publicly traded cryptocurrency miners, recently announced an ambitious partnership with American Data Centers. With this new venture dubbed American Bitcoin, Hut 8 aims to leverage its operational expertise while expanding its footprint in the bitcoin mining industry. Under the terms of the cashless merger, Hut 8 will retain an 80% ownership stake in the new entity, while American Data Centers will manage its 20% stake through a shared service agreement. This strategy is poised to enable Hut 8 to deploy more than 60,000 ASIC machines, enhancing its production capacity amidst a challenging market characterized by reduced bitcoin mining rewards. Exploring the Leadership Team and Their Vision The leadership team at American Bitcoin features prominent figures including Mike Ho as executive chairman and Matt Prusak as CEO, alongside Eric Trump in a strategic role. The composition of the board, which also includes Hut 8 CEO Asher Genoot, suggests a blend of entrepreneurial experience and strategic oversight crucial for navigating the competitive landscape of cryptocurrency mining. Ho expressed enthusiasm about the…
Filed under: News - @ March 31, 2025 4:24 pm