American Bitcoin, a mining and treasury company associated with the Trump family, revealed on Wednesday that it has expanded its operations with the deployment of approximately 11,300 new bitcoin mining rigs at its site in Drumheller, Alberta, Canada. This move led to a 12% increase in the company's share price, reaching $1.38. The newly added miners bring the total number of application-specific integrated circuits (ASICs) to around 89,242, with the new rigs contributing 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 the company's electricity costs per coin, enabling American Bitcoin to maintain profitability despite rising network difficulty.
The company emphasized that increasing its 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 demonstrates the company's commitment to leading through disciplined capital allocation and efficient growth.
The expansion is part of a previously announced plan and indicates the company's decision to focus on bitcoin mining despite other miners shifting towards artificial intelligence and data centers. Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest bitcoin holder, and further raised its treasury to 7,000 by the end of March.