Two sons of President Trump Declare On Monday that they were investing in a new Bitcoin Mining Project, which is an expansion of the commercial interests of the family in the encryption industry.
Eric Trump and Donald Trump Junior said they would join Bitco Mining Company Hut 8 to create a company called American Bitcoin. Bitcoin mining is a profitable branch of the encryption industry, as large companies run energy irritation machines that help processing bitcoin transactions.
“From the beginning, we supported our conviction in Bitcoin, personally and through our work,” Donald Trump Junior said in a statement. “But simply buy bitcoin is only half of the story. Its mining on the favorable economy opens a greater chance.”
According to the terms of the deal, HUT 8 will control 80 percent of the new company, with 20 percent of the last of a commercial entity called American data centers, and their investors include two two -year -old two investors. The announcement was included on Monday by HUT 8 Eric Trump as a co -founder of the new mining project and said it would be the officials of the strategy.
The mining project is the third major encryption project that the Trump family started during the past year. During the campaign, Donald Trump and his sons launched the World Liberty Financial, providing two types of digital currencies, including the so -called Stablecoin that was disclosed last week.
Then, on the eve of the inauguration of Mr. Trump, both of them and his wife, Melania Trump, Mimikoen, a type of cryptocurrency on the basis of a joke or an online amulet.
These commercial projects have created some of the most conflicting interests in the history of the US presidency, according to government ethics experts. Since he took office, Mr. Trump has enforced the encryption industry and announced the establishment of a government stock of bitcoin and other digital currencies.
Four years ago, Mr. Trump was skeptical of encryption that Bitcoin rejected as a “fraud”. Now, it is regularly by turning the United States into the “planet’s encryption capital”.
Bitcoin mining was among the most widely critical features in the encryption industry. When Bitcoin was a specialized and new investment, anyone can run a computer program to help processing Bitcoin transactions, and earning the new Bitcoins as a reward.
But as the industry grows, the amount of computer energy required for mining increased. Publicly traded companies such as HUT 8 databases are packed with bitcoin servers. These mining operations have drawn complaints from environmental organizations and people living near loud machines.
The assets of the Trump family mining project followed to February, when the investment company is Dominari Holdings Declare Create American data centers. At that time, Eric Trump, a member of the Dominary Advisory Council, said the project was designed to develop the computing infrastructure for the artificial intelligence industry.
At the present time, although the goal is bitcoin mining. The Trump family project will focus on running bitcoin mining machines and creating a large stock of encrypted currency, according to the announcement. A mail In the X New Venture account, Eric Trump said he will present his “vision and strategy” to the American Bitcoin on the live broadcast on Tuesday.