American Bitcoin, a firm with ties to the Trump family, revealed on Wednesday that it has successfully deployed approximately 11,300 new bitcoin mining rigs at its Drumheller site in Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly added miners bring the total number of ASICs at the facility to around 89,242, with the new units contributing an additional 3.05 exahash per second at an efficiency rate of 13.5 joules per terahash. This high efficiency is crucial as it helps reduce electricity costs per coin, enabling the company to maintain profitability despite rising network difficulties.
In a statement, the firm emphasized that expanding its hashrate is essential to strengthening its position in the Bitcoin market. Eric Trump, co-founder and chief strategy officer, noted that the swift deployment of these miners demonstrates the company's commitment to leading the industry through disciplined capital allocation and efficient growth. The expansion is part of a previously announced plan, indicating the company's decision to focus on bitcoin mining despite other miners shifting towards artificial intelligence 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.