American Bitcoin, a mining and treasury company with ties to the Trump family, has seen its shares rise by approximately 12% to $1.38 following the announcement of a major expansion of its mining operations. The company has deployed an additional 11,298 bitcoin mining ASICs at its Drumheller site in Alberta, Canada, bringing its total fleet to around 89,242.
This expansion adds 3.05 exahash per second to the company's mining capacity, with an efficiency rating of 13.5 joules per terahash. The high efficiency of the new mining rigs is expected to reduce the company's electricity costs, allowing it to maintain profitability despite increasing network difficulty. According to Eric Trump, co-founder and chief strategy officer, the expansion reflects the company's strategy of scaling its hashrate to strengthen its position in the bitcoin market. The move also indicates the company's commitment to bitcoin mining, even as other miners shift their focus to artificial intelligence and data centers.
Recently, American Bitcoin increased its bitcoin holdings to 6,899, becoming the 16th-largest bitcoin holder, and later raised its treasury to 7,000 BTC.