American Bitcoin, a cryptocurrency mining and treasury firm connected to the Trump family, revealed on Wednesday that it has augmented its mining operations with 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 installed miners are fully operational, bringing the total number of ASICs to around 89,242 and contributing an additional 3.05 exahash per second to the company's existing mining capacity. The high efficiency of the new mining rigs, at 13.5 joules per terahash, is expected to reduce electricity costs and maintain profitability despite rising network difficulties. According to the company, expanding 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 the new 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. Recently, American Bitcoin increased its bitcoin holdings, becoming the 16th-largest holder with 6,899 BTC, and later raised its treasury to 7,000 BTC.