Hut 8 is splitting its mining business into a new subsidiary, American Bitcoin, with backing from Eric Trump and Donald Trump Jr. Here’s why.
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Welcome back to The Mining Pod! Today, Matt Prusak, CEO of American Bitcoin, joins us to discuss the strategic partnership between HUT 8 and the Trump family for its latest subsidiary, American Bitcoin. Hut 8 is reallocating nearly all of its self-mining assets (10 EH/s) to American Bitcoin and taking an 80% stake in the company. Prusak explains why Hut 8 has taken this approach to focus self-mining efforts with American Bitcoin while the parent company focuses on energy, infrastructure, and AI. Plus, he touches on American Bitcoin’s ambitious plans to reach 50 EH/s and the company’s plans to go public.
# Notes:
- HUT 8 allocated mining assets for 80% stake
- Starting with 10 EH/s, targeting 50 EH/s
- American Bitcoin will build own Bitcoin treasury
- Emphasizes "America First" Bitcoin ethos
- Plans to go public in the future
- Targeting sub-15 joules per terahash efficiency
Timestamps:
00:00 Start
01:45 Starting American Bitcoin
02:49 Business structure
03:43 What does Hut 8 gain?
04:52 AI & HPC pivot
06:19 New pools of capital?
07:32 New facilities?
08:21 Hut 8 & Bitmain deal
09:27 Roadmap
10:19 Power generation
12:00 Favoring domestic hardware?
13:28 Dividing responsibilities
14:41 Separate treasuries?
14:52 Financials & IPO
16:29 Two public companies
18:58 Fundraising
21:41 Balancesheets
22:58 Hut 8 expenses
26:36 Vibe shift
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