American Bitcoin, a company tied to the Trump family, has revealed the deployment of nearly 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38.
The newly installed miners bring the total number of ASICs at the facility to approximately 89,242, with the new additions contributing 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs and maintaining profitability amidst rising network difficulty. According to the company, expanding its hashrate is key to strengthening its position in the Bitcoin market. The move reflects the company's strategy of rapid growth, disciplined capital allocation, and efficient expansion of its Bitcoin operations.
Notably, this development marks the completion of a previously announced fleet expansion, demonstrating the company's commitment to Bitcoin mining. Recently, American Bitcoin increased its BTC holdings, becoming the 16th-largest Bitcoin holder and surpassing Mike Novogratz's Galaxy Digital.