General Bitcoin partnership with a decrease in the revenues of Trump’s sons

(Bloomberg)-Bitco Mining Company Hut 8, which recently held a partnership with President Donald Trump’s sons in a new project, said that its profits in the first quarter swing to the loss and revenue fell by more than 50 %.

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The Miami -based company has registered the headquarters of $ 21.8 million for the first quarter, a decrease of about 58 % on an annual basis. A quarterly loss of $ 134.3 million, compared to the net income of $ 250.7 million in the first quarter of last year.

These declines decreased significantly by updating the Bitcoin software called half, as the cut mining revenues decreased in addition to the operational stop that was made to upgrade mining machines, the CEO of HUT 8 said, ASher Genot on Thursday in its profit call. Although the half happened last April, and it occurs every four years, it often has a long -term effect on miners.

HUT 8, in late March, announced that it launches a mining project called American Bitcoin Corp. After obtaining the majority interest in the American Data Centers Inc. It is a company formed by investors including Eric Trump and Donald Trump Junior. This new project will become public, and he repeated Genot during a profit call on Thursday.

HUT 8 shares increased by up to 17 % on Thursday, as the company strengthened its plan to invest in the American bitcoin and continue the strategic accumulation of the encrypted currency. Bitcoin paid $ 100,000 for the first time since February from 12:08 pm in New York.

Genot said that while the transfer of mining operations in this separate entity, HUT 8 will continue to build high -performance computing data centers for artificial intelligence companies with land assets and power under development in Louisiana. He added that doing this enabled the company to benefit from a more diverse source of financing.

The project with HUT 8 largely expands the US President’s relations with the cryptocurrency sector alongside the global decentralized financing platform, which is supported by the US dollar and Mimokins, which includes the President and First Lady Melania Trump.

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