American Bitcoin, a firm associated with the Trump family, revealed on Wednesday that it has augmented its mining operations by deploying approximately 11,300 new bitcoin mining rigs at its site in Drumheller, 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, expanding the company's fleet of ASICs to around 89,242 and contributing an additional 3.05 exahash per second to its existing capacity. The high efficiency rating of 13.5 joules per terahash achieved by these new rigs is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite rising network difficulties. According to the company, increasing hashrate is a key strategy for strengthening its position in the Bitcoin market. Eric Trump, co-founder and chief strategy officer, stated that the rapid deployment of these 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 the pivot of other miners towards artificial intelligence and data centers. Recently, American Bitcoin has also increased its BTC holdings, becoming the 16th-largest bitcoin holder with a treasury of 7,000 BTC.