American Bitcoin, a firm with ties to the Trump family, has announced the deployment of nearly 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This move has led to a 12% increase in the company's share price, reaching $1.38. The newly added miners have brought the total number of ASICs to approximately 89,242, with an additional 3.05 exahash per second (EH/s) at an efficiency of 13.5 joules per terahash (J/TH).
This high efficiency is crucial as it reduces electricity costs, enabling the company to maintain profitability despite rising network difficulties. According to the company, expanding 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 demonstrates the company's commitment to leading through disciplined capital allocation and efficient growth. The new units mark the completion of a previously announced fleet expansion, signaling the company's decision to focus on bitcoin mining despite other miners shifting towards AI and data centers. American Bitcoin has also increased its BTC holdings, becoming the 16th-largest bitcoin holder with 6,899 BTC, and later raising its treasury to 7,000 BTC.