American Bitcoin, a mining and treasury company with ties to the Trump family, revealed on Wednesday that it has added approximately 11,300 new bitcoin mining rigs to its site in Drumheller, Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly deployed miners bring the total number of ASICs at the facility to around 89,242, with the new additions contributing an extra 3.05 exahash per second to the company's operational fleet. The high efficiency of the new miners, at 13.5 joules per terahash, is expected to reduce electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty.
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 the new miners reflects the company's disciplined approach to capital allocation and its commitment to growing its bitcoin exposure efficiently. The expansion is seen as a sign of the company's decision to focus on bitcoin mining, even as other miners diversify into artificial intelligence 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.