American Bitcoin, a firm linked to the Trump family, has announced the addition of approximately 11,300 new bitcoin mining rigs to its facility in Alberta, Canada. This move has led to a 12% increase in the company's share price, reaching $1.38.
The newly deployed miners have expanded the company's fleet of application-specific integrated circuits (ASICs) to around 89,242, with the new rigs contributing an additional 3.05 exahash per second (EH/s) at an efficiency of 13.5 joules per terahash (J/TH). This high efficiency is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty.
According to the company, 'scaling hashrate is key to strengthening our position in Bitcoin.' Eric Trump, co-founder and chief strategy officer, stated that the deployment of these new miners reflects the company's commitment to leading through swift action, disciplined capital allocation, and efficient growth in Bitcoin exposure at an institutional scale. The expansion is part of a previously announced plan and demonstrates the company's dedication to bitcoin mining, even as others shift focus towards artificial intelligence and data centers. Recently, American Bitcoin increased its BTC holdings, becoming the 16th-largest bitcoin holder with 6,899 BTC, surpassing Mike Novogratz's Galaxy Digital, and further raised its treasury to 7,000 BTC by the end of March.