American Bitcoin, a firm connected to the Trump family, has announced the deployment of nearly 11,300 new bitcoin mining rigs at its Alberta, Canada site. This move led to a 12% increase in the company's share price, reaching $1.38. The newly added miners are now fully operational, bringing the total number of ASICs to approximately 89,242 and contributing an additional 3.05 exahash per second to the company's capacity. The high efficiency of the new rigs, at 13.5 joules per terahash, is expected to lower electricity costs and maintain profitability despite rising network difficulties.
The company views this expansion as a strategic move to strengthen its position in the Bitcoin market. According to Eric Trump, co-founder and chief strategy officer, the swift deployment of these miners reflects the company's commitment to disciplined growth and efficient scaling. This expansion is part of a previously announced plan, demonstrating the company's dedication to bitcoin mining.
Recently, American Bitcoin increased its bitcoin holdings, becoming the 16th-largest holder with 7,000 BTC, surpassing notable entities in the process.