American Bitcoin, a firm connected to the family of former US President Donald Trump, revealed on Wednesday that it has installed approximately 11,300 new bitcoin mining machines at its site in Drumheller, Alberta, Canada. This development led to a 12% increase in the company's share price, reaching $1.38. The newly deployed miners bring the total number of ASICs at the facility to around 89,242, with the additional rigs contributing 3.05 exahash per second to the company's operational capacity.
The high efficiency of these new miners, at 13.5 joules per terahash, is expected to reduce electricity costs and maintain profitability despite rising network difficulty. According to Eric Trump, co-founder and chief strategy officer, this expansion reflects the company's strategy to strengthen its position in the bitcoin market by rapidly scaling its hashrate and growing its bitcoin exposure efficiently. The move marks the completion of a previously announced fleet expansion and demonstrates the company's commitment to bitcoin mining, even as other miners shift focus to 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.