Hut 8 CEO Asher Genoot discussed the logic behind the newly launched American Bitcoin venture in an interview with Bloomberg.
Speaking on Bloomberg TV in a joint interview with Eric Trump, Gennott said Hat8 has not started a venture from scratch with Trump family members. Instead, the venture has launched it as a “reduced mining operation from day one.”
Hut 8 offers mining rigs in exchange for 80% of American Bitcoin stocks, allowing ventures to start with substantial infrastructure and operational capabilities for mining Bitcoin (BTC).
“We donate our rigs to the entity in exchange for 80% of our shares,” Genoot says. “And we’re building, expanding this business and building it together, not from a kind of startup,” Genoot says.
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He also emphasized that the company is set to be made public in the future and has established itself as a “pure play” Bitcoin miner, which can produce BTC cheaper than buying it entirely.
American Bitcoin will focus on retaining Bitcoin on its balance sheet, building strategic reserves and establishing its position as a major player in the sector.
“The vision here is to provide shareholders with a pure play mining company. He said, “And we’ve continued to build strategic reserves and become one of the biggest bitcoin miners and bitcoin holders out there.”
Genoot has framed a partnership with Eric Trump and American Data Centers as a synergistic effect of Crypto and America’s energy infrastructure. He said, “We believe in Bitcoin, we believe in America.”
He also showed strong support for the wider adoption of Bitcoin at the state and federal levels. He noted that while multiple state governments are exploring their own strategic preparations, his venture will “lead by example.”
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