American Bitcoin, a firm linked to the Trump family, announced the deployment of approximately 11,300 additional bitcoin mining rigs at its Drumheller site, resulting in a 12% increase in share price to $1.38. The company's fleet of ASICs has grown to around 89,242, with the new miners contributing 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs and maintaining profitability amidst rising network difficulty. The firm stated that expanding its hashrate is key to strengthening its position in the Bitcoin market.
Eric Trump, co-founder and chief strategy officer, emphasized the company's commitment to leading through swift action, disciplined capital allocation, and efficient growth. The expansion marks the completion of a previously announced fleet growth 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 to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000.