American Bitcoin, a firm with ties to the Trump family, revealed on Wednesday the addition of nearly 11,300 bitcoin mining rigs to its Drumheller site, resulting in a 12% increase in share price to $1.38. The newly deployed miners bring the total fleet of ASICs to approximately 89,242, with the new rigs contributing an additional 3.05 exahash per second at an efficiency of 13.5 joules per terahash.
This high efficiency is crucial as it reduces electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty. The firm emphasized that scaling hashrate is key to strengthening its position in Bitcoin. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners reflects the company's commitment to leading through disciplined capital allocation and efficient growth.
The expansion marks the completion of a previously announced fleet enlargement, indicating the company's decision to focus on bitcoin mining. This move comes as other miners shift their focus to artificial intelligence and data centers. Recently, American Bitcoin increased its BTC holdings to 6,899, becoming the 16th-largest bitcoin holder, and further raised its treasury to 7,000 by the end of March.