Eric Trump and Donald Trump Jr. have announced their investment in a new Bitcoin mining venture, expanding the Trump family’s business interests in the crypto industry. The venture, called American Bitcoin, will be a partnership with the Bitcoin mining company Hut 8.
Bitcoin mining involves the use of energy-intensive machines to help process Bitcoin transactions. The Trump family’s decision to enter this sector comes after previously launching a crypto company, World Liberty Financial, and creating memecoins.
Despite initial skepticism from Donald Trump, who once called Bitcoin a “scam,” the family is now actively involved in the crypto industry. The new mining venture is seen as a major conflict of interest for the former president, as it follows his relaxation of crypto industry regulations and the announcement of a government stockpile of digital currencies.
The mining operation will focus on running Bitcoin mining machines and building a large stockpile of the cryptocurrency. However, Bitcoin mining has faced criticism from environmental organizations and communities near the noisy data centers.
The Trump family’s venture originated with the formation of American Data Centers Inc. in February by the investment firm Dominari Holdings. While initially focused on the artificial intelligence industry, the venture has pivoted towards Bitcoin mining.
Eric Trump will serve as the chief strategy officer for American Bitcoin. The new venture’s plans and strategies will be presented in a livestream by Eric Trump on Tuesday.
Note: The image is for illustrative purposes only and is not the original image of the presented article.
