American Bitcoin, a firm with ties to the Trump family, has announced the deployment of approximately 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly added miners are fully operational, bringing the total number of ASICs to around 89,242.
The expanded fleet contributes an additional 3.05 exahash per second, with an efficiency rating of 13.5 joules per terahash, which helps reduce electricity costs and maintain profitability despite rising network difficulty. According to the company, this move is part of its strategy to strengthen 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 disciplined approach to growth and capital allocation. The expansion is seen as a sign of the company's commitment to bitcoin mining, even as others in the industry shift focus towards artificial intelligence and data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, making it the 16th-largest holder, and later raised its treasury to 7,000 bitcoins.