American Bitcoin, a mining and treasury firm with ties to the Trump family, revealed on Wednesday that it has added nearly 11,300 new bitcoin mining rigs to its Drumheller site. This development led to a 12% increase in the company's share price, reaching $1.38. The newly deployed miners at the Alberta, Canada facility bring the total number of ASICs to approximately 89,242, with the new additions contributing 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial as it reduces electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty.
The firm emphasized that scaling hashrate is a key strategy for strengthening its position in Bitcoin. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners reflects the company's commitment to disciplined capital allocation, efficient growth, and leadership in the Bitcoin space. This expansion marks the completion of a previously announced fleet expansion, demonstrating the company's decision to focus on bitcoin mining operations.
Recently, American Bitcoin increased its BTC holdings to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.