Key Takeaways:
- American Bitcoin energized 11,298 new miners, adding 3.05 EH/s of hashrate.
- The expansion brings the company’s total owned mining capacity to 28.1 EH/s.
- ABTC shares gained more than 13% on the news amid a broader crypto market rally.
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American Bitcoin stock jumps 13% after adding 3 EH/s in new mining power
Shares of American Bitcoin Corp. (ABTC) jumped more than 13 percent to $1.41 after the company energized 11,298 new miners, adding 3.05 exahashes per second (EH/s) to its operational hashrate.
"Scaling hashrate is one of the ways we strengthen our position in Bitcoin," said Eric Trump, co-founder and chief strategy officer at American Bitcoin, 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."
The deployment at its Drumheller facility in Alberta, Canada, brings American Bitcoin’s total owned fleet to 89,242 machines capable of 28.1 EH/s. The newly installed miners operate at a high efficiency of 13.5 joules per terahash (J/TH), improving the company's overall owned fleet average to 16.0 J/TH. The expansion completes a plan first announced on March 3.
The move solidifies American Bitcoin's strategy of aggressive hashrate expansion and direct Bitcoin accumulation, which has grown its treasury to over 7,000 BTC, valued at approximately $552 million. While some competitors pivot mining infrastructure toward AI data centers, American Bitcoin is doubling down on producing Bitcoin at costs below spot price, a bet that could yield significant returns as Bitcoin trades above the $78,000 level.
The stock's rise was part of a wider rally in cryptocurrency-related stocks, with Bitcoin itself surging past $79,000 earlier in the week. Coinbase (COIN) and HIVE Digital (HIVE) also saw significant gains.
“This deployment reflects our operating model in practice, turning execution and efficiency gains into lower-cost Bitcoin accumulation for shareholders,” American Bitcoin President Matt Prusak said in a statement. The company, a majority-owned subsidiary of Hut 8 Corp., has stated its goal is to build "America's Bitcoin infrastructure" through scaled self-mining.
This article is for informational purposes only and does not constitute investment advice.
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