American Bitcoin up 12% after energizing 11,298 miners

American Bitcoin completed energization of approximately 11,298 miners at its Drumheller, Alberta, site on Wednesday, increasing the company's total mining hashrate by roughly 3.05 exahash per second to about 28.1 EH/s, an expansion of more than 12% in deployed computing power.

The newly activated machines were part of a batch the company purchased earlier this year, bringing its deployed fleet to about 89,242 miners. Shares of American Bitcoin (ABTC) traded up more than 12% to $1.39 following the operational update and a concurrent rise in bitcoin's price.

Last month the firm reported bitcoin holdings of about 7,000 BTC. With bitcoin trading near $79,000 and up nearly 5% on Wednesday, American Bitcoin's holdings were valued at more than $550 million.

Company statements described the new units as high-efficiency miners and noted that their activation supports the company's model of producing bitcoin while managing energy and operational costs. The firm added that it seeks to accumulate bitcoin at a cost below spot through disciplined mining operations, optimized energy costs and efficient hardware deployment, and that it remains focused on growing bitcoin holdings per share.

Eric Trump, a co-founder, commented: “Scaling hashrate is one of the ways we strengthen our position in Bitcoin. Bringing these miners online at Drumheller reflects exactly how we intend to lead: moving quickly, allocating capital with discipline, and growing our Bitcoin exposure efficiently at institutional scale.”