American Bitcoin, a firm associated with the Trump family, has announced the deployment of approximately 11,300 additional bitcoin mining rigs at its facility in Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly added miners are part of the company's existing fleet of ASICs, which now totals around 89,242.
These new units contribute an extra 3.05 exahash per second to the company's operational capacity, with an efficiency rating of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs and maintaining profitability amidst rising network difficulty.
The company emphasized that scaling its hashrate is key to strengthening its position in the Bitcoin market. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners reflects the company's commitment to disciplined capital allocation and efficient growth.
The expansion is part of a previously announced plan, demonstrating the company's dedication to bitcoin mining despite other miners shifting focus to AI and data centers. Recently, American Bitcoin increased its BTC holdings, becoming the 16th-largest bitcoin holder and later raising its treasury to 7,000 BTC.