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The Trump family expands its growing portfolio of Bitcoin and crypto products by investing in a new Bitcoin mining company called American Bitcoin.
Donald Trump Jr. and Eric Trump merged their company American Data Centers with publicly traded bitcoin miner Hut 8 to form a new company. The Trump brothers will own 20% of U.S. Bitcoin, while the Hut 8 owns the remaining 80%.
The deal brought 61,000 Hut 8’s mining machines to US Bitcoin. The company also plans to build its own “bitcoin reserve” by retaining mining coins.
Eric Trump will serve as chief strategy officer of Bitcoin in the United States, comparing Bitcoin’s hard asset property to real estate. By leveraging Hut 8’s low-cost North American data center, U.S. Bitcoin aims to mine bitcoins more efficiently than competitors. Mining becomes increasingly difficult over time, which could become a key advantage.
The Trump family has recently actively accepted Bitcoin and cryptocurrencies through various projects.
US Bitcoin will be separated from the Trump Organization Empire. However, its Bitcoin reserve plan is consistent with President Trump’s vision for a strategic bitcoin reserve in the United States.
Bitcoin mining faces environmental criticism for its massive energy use. But Eric Trump believes that Bitcoin’s acquisition of low U.S. energy costs will give it an advantage.
By focusing on mining, U.S. bitcoin seems to be a more serious bitcoin than Trump’s meme coins and Stablecoin conversations. The family’s rising Bitcoin and cryptocurrency profile reflects growing mainstream acceptance.