Source: Cointelegraph Original: "{title}"
According to a report by Bloomberg on April 1, the cryptocurrency mining company American Bitcoin Corp., supported by the Trump family, plans to raise additional funds through an initial public offering (IPO) and other means.
On March 31, publicly traded Bitcoin miner Hut 8 acquired a majority stake in American Bitcoin (formerly known as American Data Centers), whose founders include Donald Trump Jr. and Eric Trump.
After the announcement of the deal, Hut 8 transferred its Bitcoin mining machines to the newly formed entity, which has not yet gone public.
While American Bitcoin will focus on cryptocurrency mining, Hut 8 plans to concentrate on data center infrastructure for applications such as high-performance computing. Hut 8 CEO Asher Genoot stated in a press release that this transaction "moves Hut 8 towards a more predictable, financeable, and lower capital cost segment."
Genoot told Bloomberg in an interview, "In the long run, you can think of it as two sister companies, one focused on energy infrastructure data centers and the other on Bitcoin, AISCs, and reserves, which together form a vertically integrated company with some of the best economics."
According to Bloomberg, American Bitcoin is collaborating with Chinese Bitcoin mining hardware supplier Bitmain. Bitmain has faced scrutiny since the U.S. blacklisted its AI subsidiary Sopghgo.
Quarterly Bitcoin mining revenue. Source: Coin Metrics
Shifting to New Business Areas
As the Bitcoin network is set to undergo a "halving" in April 2024, which will reduce miners' revenue, Bitcoin miners are increasingly turning to alternative business areas, such as providing services for AI models.
The "halving" occurs every four years, cutting the number of Bitcoins mined per block in half.
According to a report released by Coin Metrics in March, miners are "diversifying into the AI data center hosting space as a way to expand revenue and repurpose existing infrastructure for high-performance computing."
A report from JPMorgan indicates that by 2025, declining cryptocurrency prices will put greater pressure on Bitcoin miners.
Related: Kentucky joins Vermont and South Carolina in withdrawing the re-staking lawsuit against Coinbase.
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