Eric Trump, co-founder of American Bitcoin Corp. (NASDAQ:ABTC), gave a virtual tour of the company’s Bitcoin (CRYPTO: BTC) mining facility in Texas on Monday,
Trump Shows ‘Tangible’ Crypto
In a video posted on X, Trump showed around the facility, which uses “American energy” on “American soil” to mine the world’s largest cryptocurrency.
“Every single day we mine about 2% of the world’s bitcoin supply,” Trump stated. “We safeguard it every single day.”
He also drew attention to the 35,000 servers powering the facility, claiming that all of them were liquid-cooled.
Trump referred to the facility as “living proof” of the tangible nature of cryptocurrency, countering the common perception of it being intangible.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Confusion Around Mined Supply Claims
However, many users were confused about the 2% supply claim. An X user suggested that Trump meant 2% of the daily mined supply.
Roughly 450 BTC are mined each day, so 2% of that would be 9 BTC daily.
The Journey Of American Bitcoin
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), functions as a hybrid Bitcoin miner and treasury company.
The company is building its own strategic Bitcoin reserve and currently holds 4,004 BTC, worth $352 million, according to Bitcointreasuries.net. However, unlike other companies, it also generates new BTC through in-house mining.
The sneak peek comes in the wake of Trump’s bullish stance on Bitcoin. Last week, he encouraged investors to buy Bitcoin during the current market dip and reiterated his $1 million prediction for the apex cryptocurrency.
Price Action: At the time of writing, BTC was exchanging hands at $88,195.21, up 0.84% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares closed 2.95% higher at $4.519 in after-hours trading, according to data from Benzinga Pro. The stock closed 0.90% lower at $4.390 during Monday’s regular trading session.
The stock had an unfavorable price trend in the short, medium and long terms. How does it compare with MARA Holdings Inc. (NASDAQ:MARA) and other Bitcoin mining firms? Visit Benzinga Edge Stock Rankings to find out.
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Photo Courtesy: Maxim Elramsisy On Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
$BTCBitcoin – United States dollar$87627.25-0.72%OverviewABTCAmerican Bitcoin Corp$4.522.95%HUTHut 8 Corp$39.681.07%MARAMARA Holdings Inc$11.20-0.09%Market News and Data brought to you by Benzinga APIs
