American Bitcoin, a mining and treasury firm with ties to the Trump family, revealed on Wednesday the deployment of nearly 11,300 new bitcoin mining rigs at its Alberta, Canada site. This development 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. The new rigs contribute an additional 3.05 exahash per second, with an efficiency of 13.5 joules per terahash, thereby enhancing the company's overall mining capabilities.
This high efficiency is crucial as it reduces electricity costs, enabling the company to maintain profitability despite rising network difficulties. In a statement, the company emphasized that increasing its hashrate is a key strategy to strengthen its position in the Bitcoin market. Eric Trump, co-founder and chief strategy officer, noted that the swift deployment of these miners demonstrates the company's commitment to leading through disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan, indicating the company's decision to focus on bitcoin mining despite the industry's shift towards artificial intelligence and data centers.
Recently, American Bitcoin increased its BTC holdings, becoming the 16th-largest bitcoin holder and surpassing Mike Novogratz's Galaxy Digital.