Close Menu
Technology Mag

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Zuckerberg’s ‘personal superintelligence’ plan: fill your free time with more AI

    August 1, 2025

    Tim Cook says Apple ‘must’ figure out AI and ‘will make the investment to do it’

    August 1, 2025

    Amazon eyes ads and upcharges for Alexa Plus

    August 1, 2025
    Facebook X (Twitter) Instagram
    Subscribe
    Technology Mag
    Facebook X (Twitter) Instagram YouTube
    • Home
    • News
    • Business
    • Games
    • Gear
    • Reviews
    • Science
    • Security
    • Trending
    • Press Release
    Technology Mag
    Home » The Inside Story of Eric Trump’s American Bitcoin
    Business

    The Inside Story of Eric Trump’s American Bitcoin

    News RoomBy News RoomAugust 1, 20253 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    “Going public is a game-changer,” Eric Trump said. “It unlocks capital and institutional access that will fuel our mission to build the largest, most investable platform for long-term Bitcoin accumulation.”

    Hut 8, however, is providing the infrastructure. American Bitcoin pays Hut 8 for energy, operations, and shared services, which include “accounting … HR support, payroll, benefits, IT support,” and legal services, per its SEC filing. While Hut 8 provides American Bitcoin’s mining facilities—currently in Niagara Falls, New York; Medicine Hat, Alberta; and Orla, Texas—it can use the company to raise and deploy “massive capital,” says Prusak, that won’t “strain Hut 8’s balance sheet.” With American Bitcoin taking care of mining, Hut 8 can focus on supporting growing technologies like AI and going after the business of “hyperscalers,” says Foxley—companies like Meta and Google that need massive data centers for their energy-heavy operations.

    Since Hut 8 is bankrolling the data centers, American Bitcoin just needs to buy its mining machines. It inherited an agreement from Hut 8 subsidiary Zephyr to buy around 17,280 Bitmain U3S21EXPH miners for a maximum of $320 million. As of May 31, American Bitcoin reported owning more than 60,000 bitcoin miners, made up mostly of Bitmain Antminer S21+ series miners (Glennan calls the miners “Cadillac … not the Ferrari”) and China-based MicroBt M5X and M6X series machines.

    While the US boasts between 30 and 40 percent of the world’s bitcoin mining, 90 percent of mining hardware comes from China. “Bitcoin is becoming more and more central to the US financial ecosystem,” says Sanjay Gupta, chief strategy officer at Auradine, a US-based rival to Chinese bitcoin mining suppliers. As President Trump works to further cement bitcoin’s role in that ecosystem, experts caution that security risks could arise from connecting Chinese hardware to critical US power infrastructure. Bitmain, for instance, is a privately listed company with links to the AI company Sophgo, which the US government blacklisted for security reasons. (Bitmain, which shares a cofounder with Sophgo, has not been added to the Entity List.)

    Bitcoin mining businesses must navigate deteriorating economics: They rely on a volatile asset, and rewards for miners halve roughly every four years, as more than 19 million of the total 21 million bitcoin have been mined.

    Glennan says maintaining minimal debt and hedging through bitcoin’s derivative market will help American Bitcoin “survive the ups and downs.” American Bitcoin also aims to increase its computational power to mine more profitably. That could mean replacing older equipment with newer, more efficient models and acquiring other bitcoin mining companies.

    This takes capital, which the company hopes the Trumps’ name will attract. As much as Hut 8 and American Bitcoin representatives claim separation between their business and the Trumps’ political connections, the company couldn’t help but flaunt these ties during the May 2025 Bitcoin conference in Las Vegas. There, American Bitcoin threw an event attended by the Winklevoss twins, who each donated $1 million to Trump pre-election, and chairman of Cantor Fitzgerald Brandon Lutnick, son of Trump’s secretary of commerce Howard Lutnick.

    On a stage that had hosted Vice President JD Vance hours earlier, during a panel with Prusak, Ho, and his brother, Donald Jr. told the conservative-leaning crowd, “My father made a lot of promises to the … bitcoin community … [Eric and I] show our true level of commitment when you look at all the things we’re doing in this space.” He named American Bitcoin first.

    Update 7/31/25 12:00 pm EDT: This story has been updated to reflect that Matt Prusak is not on American Bitcoin’s board of directors.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous ArticleI Tried 10 Different Mouth Tapes. Here’s What You Need to Know (and Which to Try)
    Next Article Samsung TVs are coming back online after apps stopped working

    Related Posts

    Donald Trump’s New Crypto Bible Is Everything the Industry Ever Wanted

    August 1, 2025

    Inside the Summit Where China Pitched Its AI Agenda to the World

    August 1, 2025

    Everything You Wanted to Know About China’s Auto Industry Takeover

    July 31, 2025

    Trump Ends Tariff Exemption for Small Packages

    July 31, 2025

    US Senator Urges DHS to Probe Whether Agents Were Moved From Criminal Cases to Deportations

    July 31, 2025

    Mark Zuckerberg Details Meta’s Plan for Self-Improving, Superintelligent AI

    July 31, 2025
    Our Picks

    Tim Cook says Apple ‘must’ figure out AI and ‘will make the investment to do it’

    August 1, 2025

    Amazon eyes ads and upcharges for Alexa Plus

    August 1, 2025

    Bike Friday’s Tiny, Purple, Lightweight Ebike Fits on the Most Crowded Bike Rack

    August 1, 2025

    Bose’s QuietComfort Headphones are $130 off for back-to-school season

    August 1, 2025
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    News

    Google backtracks on plans to deactivate shortened goo.gl links

    By News RoomAugust 1, 2025

    Google is largely reversing course on its plans to discontinue support for all shortened goo.gl…

    Verizon is upping its fees again

    August 1, 2025

    Donald Trump’s New Crypto Bible Is Everything the Industry Ever Wanted

    August 1, 2025

    Google has just two weeks to begin cracking open Android, it admits in emergency filing

    August 1, 2025
    Facebook X (Twitter) Instagram Pinterest
    • Privacy Policy
    • Terms of use
    • Advertise
    • Contact
    © 2025 Technology Mag. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.