Wednesday, 20 August 2025
Trending

Crypto Mining News

Trump sons back new Bitcoin mining venture with Hut 8

Trump sons back new Bitcoin mining venture with Hut 8


Several members of US President Donald Trump’s family are backing a new venture to launch what aims to become the world’s largest Bitcoin mining firm.

Hut 8, a digital asset mining and infrastructure company, announced on March 31 that it is acquiring a majority stake in American Bitcoin, formerly known as American Data Center. The firm was founded by a group of investors, including Trump’s sons, Donald Trump Jr. and Eric Trump.

Related: Bitcoin miner Hut 8 argues to toss ‘short and distort’ shareholder suit

As part of the deal, American Bitcoin will take ownership of Hut 8’s Bitcoin (BTC) mining hardware. Donald Trump Jr. said that the entrepreneurs behind American Data Centers have backed their conviction in Bitcoin personally and through their businesses.

The new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said. Mining operations will remain under Hut 8’s compute segment but will operate through the American Bitcoin brand. Donald Trump Jr. added:

“Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”

Trump family deepens involvement in crypto

President Trump continues to promote pro-crypto policy as his family and affiliated companies expand their presence in the digital asset space.

On March 28, he pardoned three co-founders of crypto exchange BitMEX who previously pleaded guilty to federal money laundering charges, according to a CNBC report.

On March 21, the US Treasury dropped the decentralized crypto mixer Tornado Cash from its sanction lists, invalidating related legal proceedings. Additionally, the Securities and Exchange Commission’s Division of Corporation Finance recently stated that memecoins do not qualify as securities under US law. Progress is underway on the creation of a national Bitcoin strategic reserve.

On the commercial front, Trump launched his Official Trump (TRUMP) memecoin. His Trump Technology Group also announced a partnership with Crypto.com, which is expected to support a new suite of crypto exchange-traded funds.

The Trump family has been involved in launching a decentralized finance protocol on Aave called World Liberty Financial (WLFI), as well as introducing a new stablecoin named USD1.

Related: Hut 8 tips 66%…

Click Here to Read the Full Original Article at Cointelegraph.com News…