American Bitcoin, a mining and treasury company connected to the Trump family, revealed on Wednesday that it has installed approximately 11,300 additional bitcoin mining units at its facility in Alberta, Canada. This development led to a 12% increase in the company's share price, which rose to $1.38. The newly deployed miners bring the total number of ASICs at the site to around 89,242, with the new additions contributing an extra 3.05 exahash per second to the company's operational capacity.
The high efficiency of the new mining rigs, at 13.5 joules per terahash, is expected to reduce the company's electricity costs and maintain profitability despite rising network difficulty. 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 at American Bitcoin, stated that the swift deployment of the new miners demonstrates the company's commitment to leading the industry through disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan, indicating the company's decision to focus on bitcoin mining despite other miners shifting their attention to artificial intelligence and 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.