American Bitcoin, a firm with ties to the Trump family, has revealed the deployment of 11,298 additional bitcoin mining ASICs at its Drumheller facility. This development led to a 12% increase in the company's share price, reaching $1.38.
The newly added miners are now fully operational, bringing the total number of ASICs to approximately 89,242. This expansion contributes an extra 3.05 exahash per second to the company's mining capacity, with an efficiency rate of 13.5 joules per terahash. This high efficiency is crucial as it reduces electricity costs, enabling the company to maintain profitability despite the 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 leading the industry through disciplined capital allocation and efficient growth.
The new miners represent the completion of a previously announced fleet expansion, signaling the company's decision to focus on bitcoin mining despite other miners shifting towards artificial intelligence and AI data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.