American Bitcoin, a firm linked to the Trump family, has announced the deployment of 11,298 additional bitcoin mining ASICs at its site in Drumheller, resulting in a 12% surge in its share price to $1.38. The company has fully integrated these new miners into its facility in Alberta, Canada, increasing its total ASIC fleet to approximately 89,242.
The new mining rigs contribute an extra 3.05 exahash per second to the company's operational capacity, achieving an efficiency of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite the rising network difficulty in Bitcoin mining. According to the company, scaling hashrate is a key 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 reflects the company's commitment to disciplined capital allocation, efficient growth, and institutional-scale Bitcoin exposure. The expansion marks the completion of a previously announced fleet enlargement, indicating the company's dedication to Bitcoin mining operations.
Recently, American Bitcoin has increased its BTC holdings, becoming the 16th-largest bitcoin holder with a treasury of 7,000 BTC.