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THE MINING POD: Hut 8’s Trump-Backed American Bitcoin, Galaxy’s $4.5B CoreWeave Deal, Tariff Impact on Bitcoin Miners
Apr 4, 2025
Joining the discussion is Ethan Vera, COO of Luxor, who brings a wealth of knowledge about the Bitcoin mining industry. The conversation delves into Hut 8’s new Trump-backed subsidiary, American Bitcoin, and Galaxy Digital's landmark $4.5 billion deal with CoreWeave. The impact of new tariffs on ASIC miners, potentially leading to price hikes of 20-30%, raises concerns for the mining sector. They also touch on the evolving challenges in Bitcoin mining and Jack Dorsey’s critique of the Lightning Network's effectiveness.
34:55
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Quick takeaways
- Hut 8 is shifting focus from self-mining to its new Trump-affiliated subsidiary American Bitcoin, aiming to leverage brand strength for capital access.
- Galaxy Digital's long-term deal with CoreWeave highlights a strategic pivot towards AI, addressing investor concerns and enhancing infrastructure capabilities for Bitcoin mining.
Deep dives
Hut8's Strategic Shift with Trump Affiliates
Hut8 is transitioning from its self-mining business to focus on a new subsidiary called American Bitcoin, in a partnership with Eric Trump and Donald Trump Jr. This strategic move involves shedding approximately 10 exahashes and allows Hut8 to concentrate on power and infrastructure plays, including potential AI ventures. The collaboration aims to leverage the strong Trump brand and possibly access new sources of capital and financing. Despite an initial surge in Hut8's stock following the announcement, concerns about the overall market dynamics have led to some sell-offs.
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