American Bitcoin, a mining and treasury firm with ties to the Trump family, has reported a substantial increase in its share price, rising by approximately 12% to $1.38 following the announcement of nearly 11,300 new bitcoin mining rigs at its Drumheller facility. The newly deployed miners bring the total number of ASICs to around 89,242, with the additional rigs contributing 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite rising network difficulties.
The firm emphasized that expanding its hashrate is essential to strengthening its position in the Bitcoin market. According to Eric Trump, co-founder and chief strategy officer, the swift deployment of these miners demonstrates the company's commitment to disciplined capital allocation and efficient growth.
The expansion is part of a previously announced plan, indicating the company's dedication to bitcoin mining operations. Recently, American Bitcoin has increased its BTC holdings, becoming the 16th-largest bitcoin holder, and has continued to expand its treasury to 7,000 BTC.