American Bitcoin, a mining and treasury company with ties to the Trump family, has seen its share price increase by approximately 12% to $1.38 after announcing the deployment of 11,298 additional bitcoin mining ASICs at its site in Drumheller. The newly added miners are now fully operational, bringing the total number of ASICs to around 89,242 and contributing an extra 3.05 exahash per second to the company's existing fleet.
This increased capacity is expected to enhance the company's profitability, thanks to an efficiency rating of 13.5 joules per terahash, which reduces electricity costs per coin. In a statement, the company emphasized that scaling 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 new miners demonstrates the company's disciplined approach to growth and its commitment to expanding its Bitcoin operations.
The expansion is part of a previously announced plan and underscores the company's decision to focus on bitcoin mining despite industry trends towards artificial intelligence and AI data centers. Recently, American Bitcoin increased its BTC holdings, becoming the 16th-largest bitcoin holder and later raising its treasury to 7,000 BTC.