American Bitcoin (ABTC), a publicly traded mining company co-founded by United States President Donald Trump’s sons, has completed its energization of 11,298 application-specific integrated circuits (ASICs) at its Drumheller site in Alberta, Canada.
Following the acquisition of machines, the company now owns about 89,242 ASICs, the computers used to mine Bitcoin (BTC) and other proof-of-work (PoW) cryptocurrencies, according to the company’s announcement on Wednesday.
ABTC’s mining fleet now generates a total of about 28.1 exahashes per second (EH/s) of computing power, operating at an “average efficiency” of 16 joules per terahash, the company said.
Shares of ABTC surged by about 11.7% on Wednesday, rising to about $1.38 per share, according to data from Yahoo Finance.
The announcement followed a tough business quarter for the company, which posted a loss of $59.5 million in the fourth quarter of 2025, as the mining industry grapples with multiple economic challenges that are chipping away at revenue.
Related: Aluminum giant Alcoa to sell dormant smelter to Bitcoin miner NYDIG: Report
ABTC struggles amid challenging business environment for miners
Mining companies are grappling with reduced block rewards since the April 2024 halving, rising energy costs, and declining crypto prices from the ongoing crypto bear market.
The price of BTC declined by over 50%, reaching a low of about $60,000 in February, when ABTC filed its Q4 results with the United States Securities and Exchange Commission (SEC).
ABTC attributed its Q4 losses to a $227.1 million decline in the fair value of its BTC holdings as a result of the crash, but said it was able to “mine BTC at a 53% discount” to prices on the spot market.
Public BTC mining companies sold more BTC in the first three months of 2026 than all of 2025.
Mining companies MARA, CleanSpark, Riot, Cango, Core Scientific and Bitdeer collectively sold about 32,000 BTC in Q1, according to TheEnergyMag.
Sales in the period topped the previous record of 20,000 BTC sold by public mining companies during Q2 2022.
Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining
