American Bitcoin, a company with ties 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 new miners, which are now fully operational at the Alberta, Canada facility, bring the company's total ASIC fleet to approximately 89,242. This expansion adds 3.05 exahash per second to the company's mining 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 views this increased hashrate as a key factor in strengthening its position in the bitcoin market.
According to Eric Trump, co-founder and chief strategy officer, the swift deployment of these new miners demonstrates the company's commitment to disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan and underscores the company's decision to focus on bitcoin mining despite other miners shifting towards AI and data centers. Recently, American Bitcoin has also increased its BTC holdings, becoming the 16th-largest bitcoin holder with a treasury of 7,000 BTC.