American Bitcoin, a company tied to the Trump family, has seen its shares rise by approximately 12% to $1.38 after unveiling the deployment of 11,298 new bitcoin mining ASICs at its Alberta, Canada site. This development brings the total number of ASICs at the facility to around 89,242, with the new additions contributing 3.05 exahash per second at an efficiency of 13.5 joules per terahash. The high efficiency of these new units is crucial as it helps reduce electricity costs, enabling the company to maintain profitability despite the increasing difficulty of bitcoin mining. In a statement, the company emphasized that expanding its hashrate is a key strategy for strengthening its position in the bitcoin market.
Eric Trump, co-founder and chief strategy officer, noted that the swift deployment of these miners demonstrates the company's disciplined approach to growth and capital allocation. The expansion is part of a previously announced plan and signifies the company's commitment to bitcoin mining, even as others in the industry are diversifying into AI and data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, making it the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.