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 development has led to 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, enabling the company to maintain profitability despite rising network difficulty.
According to the company, scaling hashrate is a key strategy to strengthen 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 leadership, disciplined capital allocation, and efficient growth.
The expansion is part of a previously announced plan, demonstrating the company's decision to focus on bitcoin mining amidst a trend of other miners diversifying into 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 BTC.