American Bitcoin, a firm connected to the Trump family, has announced the deployment of nearly 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38.
The newly added miners have expanded the company's fleet of ASICs to approximately 89,242, with the new rigs contributing an additional 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial for reducing electricity costs and maintaining profitability amidst rising network difficulty.
The company views this expansion as a strategic move to strengthen 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 commitment to leading the industry through disciplined capital allocation and efficient growth.
The expansion is part of a previously announced plan, indicating the company's dedication to bitcoin mining despite the pivot of other miners towards artificial intelligence and data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest holder, and later raised its treasury to 7,000 BTC.