American Bitcoin, a mining and treasury firm linked to the Trump family, has announced the deployment of nearly 11,300 new bitcoin mining rigs at its Drumheller site, resulting in a 12% increase in its share price to $1.38. The company has fully integrated these miners into its Alberta, Canada facility, expanding its ASIC fleet to approximately 89,242 and boosting its operational capacity by 3.05 exahash per second. This enhancement is expected to reduce electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty.
According to Eric Trump, co-founder and chief strategy officer, the swift deployment of these miners demonstrates the company's disciplined approach to scaling its hashrate and growing its bitcoin exposure. The move marks the completion of a previously announced fleet expansion and signals the company's commitment to bitcoin mining, even as some peers shift focus towards AI and data centers. Recently, American Bitcoin increased its BTC holdings to 6,899, surpassing Mike Novogratz's Galaxy Digital, and later raised its treasury to 7,000 BTC.