American Bitcoin, a mining and treasury company with ties to the Trump family, revealed on Wednesday that it has added approximately 11,300 bitcoin mining rigs to its facility in Alberta, Canada. This move led to a 12% increase in the company's share price, reaching $1.38. The newly deployed miners bring the total number of ASICs at the site to around 89,242, with the new additions contributing an extra 3.05 exahash per second at an efficiency of 13.5 joules per terahash.
This high efficiency is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty. According to the company, scaling hashrate is essential for 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 leading the industry through disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan, demonstrating the company's dedication to bitcoin mining operations.
Recently, American Bitcoin increased its BTC holdings to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.