American Bitcoin (ABTC), a publicly traded mining company co-founded by United States President Donald Trump’s sons, has completed the energization of 11,298 application-specific integrated circuits (ASICs) at its Drumheller site in Alberta, Canada. This brings ABTC's total ASIC count to approximately 89,242.
The company's expanded mining fleet now generates about 28.1 exahashes per second (EH/s) of computing power. Shares of ABTC saw a notable surge of 11.7% following the announcement.
This expansion comes after a challenging fourth quarter for ABTC, which reported a loss of $59.5 million. The broader mining industry continues to face economic headwinds, including reduced block rewards post-halving, rising energy costs, and declining cryptocurrency prices.
ABTC attributed its quarterly losses partly to a significant decline in the fair value of its Bitcoin holdings. Despite these challenges, the company stated it could mine BTC at a substantial discount to spot market prices.