Eric Trump’s American Bitcoin rises 12% amid increase in BTC mining capacity
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American Bitcoin, the bitcoin mining firm and treasury co-founded by Eric Trump, said Wednesday it has increased the miner's total hashrate by over 12%.
Shares in the company (ABTC) were also up over 12%, trading at $1.39, amid the mining news and a price increase for bitcoin.
American Bitcoin said that it completed the "energization of ~11,298 Bitcoin miners at its Drumheller site." American Bitcoin purchased the miners earlier this year.
The company's mining fleet now consists of ~89,242 miners deployed at ~28.1 exahash per second (EH/s), after the increase of ~3.05 EH/s, an expansion of over 12%
"Scaling hashrate is one of the ways we strengthen our position in Bitcoin," Trump said in a statement. "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."
Last month, the bitcoin miner and treasury grew its stockpile to 7,000 BTC. With bitcoin up nearly 5% on Wednesday to the $79,000 level, American Bitcoin's holdings are worth over $550 million.
The company said finishing the Drumheller energization represents the conclusion of plans announced early last month.
"By bringing these high-efficiency miners online, the company continues to execute on its core business model: accumulating Bitcoin at a cost below spot prices through disciplined mining operations, optimized energy costs, and efficient hardware deployment," the company added. "American Bitcoin remains focused on its objective to continue growing Bitcoin holdings per share."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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source: https://www.tradingview.com/news/the_block:aedfde948094b:0-eric-trump-s-american-bitcoin-rises-12-amid-increase-in-btc-mining-capacity/
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