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Trump Family Expands Presence in Crypto Industry with New Bitcoin Mining Venture


The sons of former President Donald Trump, Eric Trump and Donald Trump Jr., have announced their investment in a new Bitcoin mining venture called American Bitcoin in collaboration with Hut 8. This expands the Trump family’s business interests in the cryptocurrency industry, with Eric Trump being named as a co-founder and chief strategy officer of the new mining venture. The deal sees Hut 8 controlling 80% of the company, with the remaining 20% going to American Data Centers Inc., in which the Trump sons are investors.

This is the third major crypto venture undertaken by the Trump family in the past year, following the launch of a crypto company, World Liberty Financial, and the creation of memecoins by Donald and Melania Trump. These ventures have raised ethical concerns, with experts pointing out conflicts of interest due to the Trump family’s increasing involvement in the cryptocurrency industry.

Bitcoin mining, the operation of energy-intensive machines to process Bitcoin transactions, is a lucrative yet controversial aspect of the crypto industry. With the rise in computing power required for mining, it has come under scrutiny from environmental organizations and local residents due to noise pollution.

The Trump family’s venture will focus on running mining machines and accumulating a large stockpile of Bitcoin. The origins of the venture can be traced back to the creation of American Data Centers Inc. in February by Dominari Holdings. While initially focused on computing infrastructure for artificial intelligence, the venture has now shifted its focus to Bitcoin mining. Eric Trump will present his vision and strategy for American Bitcoin in a livestream event on Tuesday. President Trump, who was once a crypto skeptic, has now expressed interest in making the United States the “crypto capital of the planet.”

Note: The image is for illustrative purposes only and is not the original image of the presented article.

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