American Bitcoin, a company tied to the Trump family, has seen its shares rise by approximately 12% to $1.38 after revealing the deployment of nearly 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This development has increased the firm's total ASICs to around 89,242 and added 3.05 exahash per second to its operational capacity. The high efficiency of the new rigs, at 13.5 joules per terahash, is expected to help the company maintain profitability despite rising network difficulties. In a statement, Eric Trump, co-founder and chief strategy officer, emphasized the company's commitment to expanding its bitcoin operations, stating that the new deployment reflects their strategy of rapid growth and disciplined capital allocation.
The move comes as some other miners are shifting focus towards artificial intelligence and data centers, but American Bitcoin is choosing to double down on its bitcoin mining operations. Recently, the company has also been expanding its bitcoin holdings, becoming the 16th-largest bitcoin holder with 6,899 BTC and later increasing its treasury to 7,000 BTC.