Hut 8 Partners with Eric Trump to Launch American Bitcoin Corp
Hut 8 Corp. has partnered with Eric Trump to establish American Bitcoin Corp., focusing on large-scale Bitcoin mining and strategic reserve development.
Key details include:
- Hut 8 donated its ASIC miners to American Data Centers, now rebranded as American Bitcoin Corp.
- Hut 8 retains an 80% stake and will be the exclusive infrastructure partner.
- The partnership aims for long-term revenue through colocation and managed services while American Bitcoin expands mining and reserves.
- Leadership includes Mike Ho (Executive Chairman), Matt Prusak (CEO), and Eric Trump (Chief Strategy Officer).
- American Bitcoin can independently raise capital, enhancing financial efficiency.
Eric Trump expressed confidence in the venture's potential for growth due to Hut 8's operational strengths.
Trump and Crypto
The Trump family's crypto-friendly initiatives include World Liberty Financial (WLF), which has invested $85 million in cryptocurrencies and plans to launch a stablecoin, competing with Tether’s USDT and Circle’s USDC.
Eric Trump is also part of Metaplanet’s Strategic Board of Advisors.
U.S. Emerges as the Global Bitcoin Mining Leader
The U.S. holds 37.84% of the global Bitcoin hash rate, projected to exceed 40% by year-end 2024. The mining sector contributed $4.14 billion to the U.S. economy, with Texas generating 40% of this revenue.
Challenges include high energy consumption, regulatory scrutiny, and environmental issues, with U.S. mining consuming 160 terawatt-hours annually, representing 2% of global energy use.