American Bitcoin, a firm linked to the Trump family, revealed on Wednesday that it has installed almost 11,300 additional bitcoin mining machines at its site in Drumheller, resulting in a 12% increase in its share price to $1.38. The company has fully deployed these new miners, boosting its total fleet of application-specific integrated circuits to approximately 89,242. This expansion adds 3.05 exahash per second to the company's operational capacity, with an efficiency rating of 13.5 joules per terahash.
This high efficiency is crucial in minimizing electricity costs and maintaining profitability amidst rising network difficulty. According to the company, increasing its hashrate is a key strategy for strengthening its position in the bitcoin market. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners demonstrates the company's commitment to disciplined capital allocation and efficient growth.
The new units mark the completion of a previously announced fleet expansion, indicating the company's decision to focus on bitcoin mining despite other miners shifting towards artificial intelligence and data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest holder, and later raised its treasury to 7,000.