Asher Genoot, the CEO of Hut 8, discusses in an exclusive interview how the Trump-backed American Bitcoin company hopes to take over mining in the US and eventually go public.
The Bitcoin mining behemoth Hut 8 announced earlier this week that it has partnered with Donald Jr. and Eric Trump and intends to start a new mining company called American Bitcoin.
Hut 8 CEO Asher Genoot revealed fresh information about the venture’s goal, why the timing was ideal, and the company’s scalability ambitions in an exclusive interview on Decentralize with Cointelegraph’s Byte-Sized Insight series.
“We’ve considered separating our energy infrastructure and Bitcoin mining operations for a while,” Genoot stated. “The ideal catalyst was meeting Eric and Don Jr. and witnessing their intense enthusiasm for infrastructure and Bitcoin.”
The objective is unambiguous, according to Genoot: to create one of the biggest and most effective Bitcoin mining systems in the world, with American roots and in line with the rising pro-Bitcoin sentiment under President Donald Trump’s administration. “I’m not interested in getting involved in anything that isn’t the biggest and best,” he remarked, quoting Eric.
The decision is made at a critical juncture for mining in the US. America’s position in the global mining ecosystem is changing as a result of China’s removal following the crackdown in 2021 and Washington’s recent open exploration of the notion of a strategic Bitcoin reserve.
Size isn’t everything, though. Genoot stressed that the strategy’s main tenets are cost-effectiveness and efficiency.
Being the biggest isn’t what we want. Our goal is to be the most economical and productive miner. We might as well just purchase Bitcoin if our cost base isn’t cheap.
Related: Hut 8, a Bitcoin miner, argues against dismissing a shareholder litigation that is “short and distort.”
Because of its structure, American Bitcoin may mine Bitcoin at a minimal cost, add to its holdings when the market permits, and perhaps branch out into other Bitcoin ecosystem activities. Depending on the state of the market, Hut 8’s balance sheet now shows over 10,000 Bitcoin, which is worth up to $1 billion. American Bitcoin wants to go above and above.
Additionally, the business is optimistic about electricity usage in addition to Bitcoin. Genoot responded to claims that mining wastes energy by saying, “With each technological advancement, power consumption has only gone up. Bitcoin mining is powered by cheap, surplus energy, much of which is renewable.
Looking ahead, Hut 8’s mining spinoff has big ambitions. “Our focus is scaling. Our focus is taking this company public on a US exchange,” Genoot said. “You’ll hear more from us soon.”
Listen to the full episode of Byte-Sized Insight for the complete interview on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!
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