American Bitcoin, a firm with ties to the Trump family, has announced the deployment of approximately 11,300 new bitcoin mining rigs at its site in Drumheller, Alberta, Canada. This move has resulted in a 12% increase in the company's share price, reaching $1.38. The newly added miners have expanded the company's fleet of ASICs to around 89,242, with the new rigs contributing an additional 3.05 exahash per second at an efficiency of 13.5 joules per terahash. This high efficiency is crucial in reducing electricity costs per coin, enabling the company to maintain profitability despite rising network difficulty.
The firm emphasized that scaling hashrate is a key strategy for strengthening its position in the bitcoin market. In a statement, 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 amidst a trend of other miners shifting towards artificial intelligence and data centers. Recently, American Bitcoin has also increased its BTC holdings, reaching 6,899 by March 18 and further raising its treasury to 7,000 by March 30, solidifying its position as the 16th-largest bitcoin holder.