Two of President Trump’s sons announced on Monday that they were investing in a new Bitcoin mining company, an expansion of family’s commercial interests in the cryptography industry.
Eric Trump and Donald Trump Jr. said they would join the Bitcoin Hut 8 mining company to create a business called American Bitcoin. Bitcoin Mining is a lucrative branch of the cryptography industry, in which large companies manage energy machines that help treat Bitcoin transactions.
“From the start, we supported our Bitcoin conviction, personally and through our businesses,” said Donald Trump Jr. in a statement. “But the purchase of bitcoin is only half of history. Useing it on the favorable economy opens an even greater opportunity. ”
Under the terms of the agreement, HUT 8 will control 80% of the new company, the remaining 20% going to a commercial entity called American Data Centers Inc. whose investors include the two Trump sons. The announcement on Monday by Hut 8 scored Eric Trump as co-founder of the new mining company and said that he would serve as a strategy director.
The mining project is the third major crypto company that the Trump family has launched in the past year. During the campaign, Donald Trump and his sons launched a crypto company, World Liberty Financial, which offers two types of digital currencies, including a so-called stablecoin unveiled last week.
Then, on the eve of Mr. Trump’s inauguration, he and his wife, Melania Trump, each launched a same, a type of cryptocurrency based on a joke or an online mascot.
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