American Bitcoin, a firm connected to the Trump family, revealed on Wednesday that it has added approximately 11,300 new bitcoin mining rigs to its facility in 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 to around 89,242, with the additional rigs contributing 3.05 exahash per second to the company's operational capacity. The high efficiency rating of 13.5 joules per terahash enables American Bitcoin to maintain profitability despite rising network difficulty.
According to the company, scaling hashrate is a key strategy for strengthening its position in the bitcoin market. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners demonstrates the company's disciplined approach to capital allocation and its commitment to growing its bitcoin exposure efficiently.
The expansion marks the completion of a previously announced fleet expansion, indicating 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 to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.