American Bitcoin, a firm associated with the Trump family, has announced the deployment of approximately 11,300 new bitcoin mining rigs at its site in Drumheller, Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly added miners bring the total number of ASICs at the facility to around 89,242, with an additional 3.05 exahash per second (EH/s) of mining power at an efficiency of 13.5 joules per terahash (J/TH). This high efficiency is crucial as it helps reduce electricity costs, enabling the company to maintain profitability despite rising network difficulty.
In a statement, the company emphasized that scaling hashrate is key to strengthening its position in the bitcoin market. Eric Trump, co-founder and chief strategy officer, noted that the swift deployment of these miners reflects the company's commitment to disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan, indicating the company's decision to focus on bitcoin mining despite industry trends towards AI and data centers.
Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.