American Bitcoin, a firm with ties to the Trump family, has announced the deployment of approximately 11,300 new bitcoin mining machines at its Drumheller site in Alberta, Canada. This move has resulted in a 12% increase in the company's share price, reaching $1.38. The new mining equipment brings the total number of ASICs to around 89,242, with an additional 3.05 exahash per second of mining power. The high efficiency of the new rigs, at 13.5 joules per terahash, is expected to reduce electricity costs and maintain profitability despite rising network difficulty.
According to Eric Trump, co-founder and chief strategy officer, the expansion reflects the company's commitment to scaling its hashrate and growing its bitcoin exposure. The move also marks the completion of a previously announced fleet expansion, demonstrating the company's dedication to bitcoin mining.
Recently, American Bitcoin has increased its BTC holdings, becoming the 16th-largest bitcoin holder with a treasury of 7,000 BTC.