American Bitcoin, a firm with ties to the Trump family, has revealed the deployment of approximately 11,300 additional bitcoin mining units at its site in Drumheller, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly installed miners are now fully operational, bringing the total number of ASICs to around 89,242.
The added mining rigs contribute an extra 3.05 exahash per second, with an efficiency rate of 13.5 joules per terahash, thereby reducing electricity costs and maintaining profitability amidst rising network difficulty. This strategic move is aimed at strengthening the company's position in the Bitcoin market. According to Eric Trump, co-founder and chief strategy officer, the swift deployment of these miners demonstrates the company's commitment to disciplined capital allocation, efficient growth, and institutional-scale expansion. The new mining units mark the completion of a previously announced fleet expansion, underscoring the company's dedication to bitcoin mining.
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.