American Bitcoin, a mining and treasury company with ties to the Trump family, has announced the deployment of 11,298 additional bitcoin mining ASICs at its facility in Drumheller, Alberta, Canada. This move has resulted in a 12% increase in the company's share price, reaching $1.38. The newly added miners have expanded the company's fleet of ASICs to approximately 89,242, with the new rigs contributing an additional 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, allowing the company to maintain profitability despite rising network difficulty.
The company emphasized that scaling hashrate is key to strengthening its position in Bitcoin. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners reflects the company's intent to lead through disciplined capital allocation and efficient growth. The expansion is part of a previously announced fleet expansion, indicating the company's commitment to bitcoin mining.
Recently, American Bitcoin has increased its BTC holdings, becoming the 16th-largest bitcoin holder with 6,899 BTC and later raising its treasury to 7,000 BTC.