Author: Weilin, PANews
On March 31, what seemed like a routine official announcement of a mining company restructuring was brewing the latest evolution of the North American Bitcoin mining landscape.
North American mining giant Hut 8 announced a partnership with Eric Trump, the second son of Donald Trump, to establish a new company, American Bitcoin, with the goal of becoming the largest and most efficient Bitcoin mining enterprise in the world. This not only represents a strategic transformation of Hut 8's business structure but also marks another intersection of capital, the Trump family's influence, and the crypto world.
In a subsequent conference call, the new company, American Bitcoin, proposed a four-phase development roadmap, planning to achieve a total computing power of over 50 EH/s, with overall energy efficiency below 15 J/TH, and ultimately complete its public listing.
Restructuring: Hut 8's Bitcoin Mining Business "Spins Off to Restart"
The core of this transaction is Hut 8's significant restructuring of its mining business. As a company that started with mining, Hut 8 has chosen to transfer all of its self-operated mining assets (including ASIC miners with a computing power of over 10 EH/s) to its subsidiary, American Data Centers, which has been renamed American Bitcoin. Meanwhile, Hut 8 retains an 80% stake in the new company, while Trump's two sons, Eric Trump and Donald Trump Jr., along with other original shareholders of American Data Centers, hold 20% of the shares.
It is noteworthy that American Bitcoin will operate as an independent mining company in the future, planning to expand its computing power through capital markets and generate profits from the rising Bitcoin market. Hut 8 itself will transform into a "digital infrastructure" company, focusing on power, data center hosting, and operational management services. Its revenue will no longer rely on Bitcoin output but will come from stable fiat income—power and hosting service fees.
In terms of leadership structure, Eric Trump will serve as the Chief Strategy Officer of American Bitcoin, responsible for driving and defining the company's long-term strategic direction. His responsibilities include capital raising, company development, and market engagement. Eric will establish strategic partnerships in finance and operations to align growth trajectories with the ever-changing market and capital dynamics.
Other executives include Executive Chairman Mike Ho (Hut 8 Chief Strategy Officer), board member Asher Genoot (CEO of Hut 8), CEO Matt Prusak, and two board members Justin Mateen (co-founder of Tinder) and Michael Broukhim (co-founder of e-commerce startup FabFitFun).
Expanding Through Capital Markets, Committed to Building the Best Bitcoin Mining Company
Officials stated that private financing will occur before going public, firmly believing that the company has the capability to sustain financing through private and public markets. The core logic of this transaction has been long in the making, only coming to fruition upon meeting Eric's team—Hut 8 will become a power infrastructure and hosting service provider with stable cash flow, while American Bitcoin will capture the profit opportunities brought by Bitcoin's volatility.
As the Chief Strategy Officer of American Bitcoin, Eric Trump's speech at the launch event was quite personal and revealed the value motivations behind this cross-industry collaboration.
"I have spent my life dealing with physical assets—we built the best hotels, golf courses, real estate projects, commercial and residential buildings," Eric recalled. "It wasn't until I entered the crazy world of politics that I truly realized the power of cryptocurrency, and I developed a genuine understanding and love for cryptocurrency, especially Bitcoin. I saw banks arbitrarily shutting down personal accounts, witnessed the weaponization of the financial system, and how someone who had worked with a bank for 20 years had to wait six months to get a basic mortgage—it just doesn't make sense."
In his view, Bitcoin is a form of "digital gold" that is available around the clock, global, and instantly liquid, which does not conflict with physical assets like real estate and golf courses but rather complements them. He emphasized that through American Bitcoin, he hopes to "bridge the gap between traditional finance and digital finance," aiming to achieve this by building the largest and best Bitcoin mining company in the world.
In terms of hardware supply, executives revealed that Bit Micro has already established a factory in the U.S. to produce ASIC miners, with Bitmain also following suit. Through decentralized procurement and localized production, American Bitcoin aims to create a globally resilient hardware layout. The advantage of contracts with Bitmain lies in the flexibility to choose between full or partial purchases of mining machines. As sites go into production, procurement rhythms will be dynamically adjusted based on computing power prices and machine costs.
American Bitcoin stated that it maintains cooperation with leading manufacturers such as Bitmain and Bit Micro, while also having a research and development center in Southeast Asia to test equipment from various manufacturers. Currently, Bit Micro has established a factory in the U.S., with Bitmain also following suit. It is engaging in supply chain security dialogues with all suppliers to reduce risks through diversified cooperation.
Cooperation Details: Four Phases and Three Key Agreements
The development path of American Bitcoin has been meticulously broken down into four phases, each with clear target computing power and energy efficiency indicators, relying on synergies with Hut 8's existing resources:
Phase One: American Bitcoin will take over 10 EH/s of mining machines transferred from Hut 8 (with an average efficiency of about 21.2 J/TH). This computing power will serve as the foundation for the company's expansion.
Phase Two: Hut 8 plans to activate a super-large site, executing a signed procurement option to deploy 15 EH/s of U3S21EXPH equipment at that site, selling these ASICs to American Bitcoin. These devices will operate on Hut 8's self-developed liquid cooling architecture, raising total computing power to about 25 EH/s, with efficiency dropping to about 16.3 J/TH.
Phase Three: American Bitcoin will further acquire and activate another site that has already secured exclusivity in Hut 8's pipeline, deploying an additional 10+ EH/s of U3S21EXPH mining machines, bringing total computing power to 35+ EH/s, with efficiency dropping below 16 J/TH.
Phase Four: This model will be replicated at another site that has exclusivity, adding 15+ EH/s of Bitmain's U3S21EXPH mining machines to achieve the final goal: 50+ EH/s, with overall efficiency below 15 J/TH. Officials stated that American Bitcoin's preliminary roadmap demonstrates a replicable, capital-efficient growth strategy, with clear investments, orderly execution, and each deployment cycle yielding compounding learning and optimization.
To ensure operational synergy and cost advantages, Hut 8 and American Bitcoin have signed three key agreements:
1. Colocation Agreement
The Colocation Agreement grants Hut 8 exclusive rights to host American Bitcoin's ASIC miners at its site. This agreement will provide continuous fiat income for Hut 8's "digital infrastructure" segment while allowing American Bitcoin to access high-density, cost-effective infrastructure without capital expenditure.
2. Managed Services Agreement
Under this agreement, Hut 8 will operate all mining operations of American Bitcoin at the hosting site. This brings a second continuous fiat income stream to Hut 8's "power" segment while enabling American Bitcoin to leverage Hut 8's mature mining operation platform.
3. Shared Services Agreement
Hut 8 will manage the core business functions of American Bitcoin, including finance, human resources, and compliance matters. This agreement aims to reduce the burden on American Bitcoin's self-built management team, allowing it to expand with a streamlined and efficient cost structure.
The combination of these three agreements enables American Bitcoin to achieve a cost structure similar to vertically integrated miners while avoiding the asset burden of building its own infrastructure and management team. Therefore, nearly all of American Bitcoin's capital can be used to enhance computing power and accumulate Bitcoin.
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