American Bitcoin, a firm associated with the Trump family, has announced the deployment of nearly 11,300 new bitcoin mining units 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 are now fully operational, bringing the total number of ASICs to approximately 89,242 and contributing an additional 3.05 exahash per second to the company's existing fleet. The high efficiency of the new rigs, 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, the expansion reflects the company's strategy of rapid growth, disciplined capital allocation, and efficient scaling of its bitcoin operations. This move marks the completion of a previously announced fleet expansion and demonstrates the company's commitment to bitcoin mining. Recent developments have also seen American Bitcoin increase its BTC holdings, reaching 6,899 by March 18 and becoming the 16th-largest bitcoin holder, before further raising its treasury to 7,000 by March 30.