Trump sons back new Bitcoin mining venture with Hut 8
Several members of former US President Donald Trump’s family are backing a new venture with the goal of becoming the world’s largest Bitcoin mining firm.
On March 31, Hut 8, a leading digital asset mining and infrastructure company, announced that it will acquire a majority stake in American Bitcoin, previously known as American Data Center. The firm was founded by a group of investors, including Donald Trump Jr. and Eric Trump, sons of the former president.
As part of the acquisition, American Bitcoin will take over Hut 8’s Bitcoin mining hardware. Donald Trump Jr. emphasized that the entrepreneurs behind American Bitcoin have shown a deep personal and professional commitment to Bitcoin. The new venture aims to become the most efficient and largest pure-play Bitcoin miner globally, while also building a robust strategic Bitcoin reserve.
Mining operations will remain under Hut 8’s compute segment but will be rebranded as part of the American Bitcoin initiative. Donald Trump Jr. stated, “Mining Bitcoin under favorable economics unlocks significant opportunities. We’re thrilled to bring investors into this space through a platform designed to capitalize on this growth and provide tangible participation in Bitcoin’s success.”
Trump Family Expands Crypto Investments
The Trump family’s involvement in the cryptocurrency space has deepened, as former President Trump continues to advocate for pro-crypto policies. Recently, on March 28, Trump pardoned three co-founders of the crypto exchange BitMEX who had pleaded guilty to federal money laundering charges.
In addition, the US Treasury removed the decentralized crypto mixer Tornado Cash from its sanctions list on March 21, marking a shift in policy. The Securities and Exchange Commission (SEC) also stated that memecoins are not classified as securities under US law. Furthermore, efforts are underway to establish a national Bitcoin strategic reserve.
Trump’s commercial ventures also reflect his growing interest in cryptocurrency. He launched the Official Trump (TRUMP) memecoin and announced a partnership between his Trump Technology Group and Crypto.com to support a new suite of crypto exchange-traded funds. Additionally, the Trump family has helped launch the decentralized finance protocol World Liberty Financial (WLFI) on Aave and introduced a new stablecoin, USD1.
Hut 8’s Strategic Shift and Future Prospects
Hut 8’s CEO, Asher Genoot, described the launch of American Bitcoin as a significant evolution in the company’s strategy. He explained that by separating the mining business from other corporate activities, Hut 8 will be able to raise capital independently and better align each segment with its cost of capital. This move positions American Bitcoin as a pure-play mining platform, focusing on exahash growth, Bitcoin production, and operational efficiency.
In recent developments, Hut 8 surpassed $1 billion in Bitcoin holdings after acquiring 990 BTC for $100 million at the end of 2024. At that point, the company’s total Bitcoin mining holdings amounted to 10,096 BTC, acquired at an average price of $24,484 per Bitcoin.
As of Q1 2025, Bitcoin mining revenue reached $3.6 billion, with industry income stabilizing after the last halving. Despite an increase in mining difficulty, miners’ daily revenue per unit of hash power remained steady at around $48 per petahash per second.
Crypto Mining and the Antminer L9: A New Era of Efficiency
Crypto mining plays a crucial role in the blockchain ecosystem, where miners validate transactions and help secure the network. As the crypto industry expands, the demand for more efficient and powerful mining hardware continues to rise. Among the most advanced miners on the market is the Antminer L9, created by Bitmain.
The Antminer L9 is engineered for high-performance Bitcoin mining, delivering superior energy efficiency and processing power. With a hash rate of up to 150 TH/s (terahashes per second) and a power consumption of approximately 3500 watts, it is perfectly suited for large-scale mining operations that aim to optimize profitability. Designed to tackle the growing difficulty of mining, the Antminer L9 maintains cost-effectiveness while boosting performance. This makes it a vital tool for miners looking to stay competitive and maximize their returns in the fast-evolving Bitcoin mining space.
For further details on the Antminer L9 and how it can enhance your mining operations, check out our ASIC hardware.
