American Bitcoin, a company linked to the Trump family, has seen its share price increase by approximately 12% to $1.38 after announcing the deployment of nearly 11,300 new bitcoin mining rigs at its site in Alberta, Canada. This move brings the total number of ASICs (application-specific integrated circuits) at the facility to around 89,242 and adds 3.05 exahash per second (EH/s) to the company's operational capacity, with an efficiency rating of 13.5 joules per terahash (J/TH). The company highlights that this high efficiency is crucial in reducing electricity costs per coin, enabling it to maintain profitability despite the rising network difficulty. In a statement, the company emphasized that scaling hashrate is key to strengthening its position in Bitcoin.
Eric Trump, co-founder and chief strategy officer, noted 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, indicating the company's decision to focus on bitcoin mining operations. 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.