Trump's Bitcoin Mining, X2Y2's AI Pivot & California's Crypto Rights (March 31, 2025)
Trump’s sons launch a major Bitcoin mining venture, X2Y2 shuts down to pivot to AI, and California advances a pro-crypto bill protecting self-custody and payments.
March 31, 2025, saw major developments in Web3, spanning politics, technology, and regulation. Here’s a deep dive into the day’s biggest stories:
1️⃣ Trump’s Bitcoin Mining Venture
Donald Trump Jr. and Eric Trump have partnered with Hut 8 to launch American Bitcoin, a company aiming to become the world’s largest Bitcoin miner.
📌 Key Highlights:
Ownership: Hut 8 owns 80%, while the Trump brothers and associates hold 20%.
Leadership: Eric Trump serves as Chief Strategy Officer (CSO), leading Bitcoin mining expansion efforts.
Expansion Plans: Over 60,000 ASIC machines are set for deployment to build a large-scale mining operation.
Hashrate Goal: The company targets 50 EH/s, positioning itself as a leading global miner.
🔎 Why It Matters:
Strengthens political ties to crypto, influencing policy & market sentiment.
Expands the Trump family’s role in the crypto ecosystem.
📖 Read More: The Block
2️⃣ X2Y2 NFT Marketplace Shuts Down, Pivots to AI
X2Y2, once a top NFT trading platform, is shutting down by April 30 and shifting toward AI-driven crypto solutions.
📌 Key Highlights:
Market Decline: X2Y2’s trading volume dropped 90% from its peak, recording $53.6M in the past year.
Competitive Position: Ranked #4 behind Blur, OpenSea, and Immutable before closure.
Why the Shift? The volatile NFT market is pushing firms toward AI-integrated solutions.
🔎 Why It Matters:
Reflects NFT industry struggles and shifting focus toward AI innovations.
Signals a trend of NFT platforms evolving beyond traditional marketplaces.
📖 Read More: Cointelegraph, Bitcoin World
3️⃣ California’s “Bitcoin Rights” Bill Moves Forward
California has amended Assembly Bill 1052, strengthening legal protections for crypto users and payments.
📌 Key Highlights:
Self-Custody Rights: Protects 39.4M residents, ensuring full control over digital assets.
Crypto Payments: Prevents extra taxes & restrictions on crypto transactions by public entities.
Regulatory Impact: Could set a national precedent for crypto-friendly laws.
🔎 Why It Matters:
Positions California as a leader in crypto regulation.
Encourages wider adoption and clearer legal protections.
📖 Read More: Cryptopotato, Cointelegraph
🚀 Final Thoughts
March 31 showcased Web3’s rapid evolution in multiple areas:
✅ Crypto & Politics: Political figures are entering the Bitcoin mining space.
✅ NFT Market Changes: Projects are pivoting due to declining demand.
✅ Regulatory Progress: Crypto-friendly laws are gaining momentum.
📢 Stay updated! For more in-depth analysis, check Cointelegraph, NYT, and Cryptopolitan.
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