Trump-backed US Bitcoin said on Tuesday that it has expanded its fleet of Bitcoin mining machines and boosted its computing power as competition between large-scale miners intensifies.
The company has acquired 11,298 new integrated circuit (ASIC) miners, which are expected to add approximately 3.05 exahes per second (EH/s) to their operations after being deployed at the Drumheller, Alberta site this month.
The purchase increases the size of the US Bitcoin pool to 89,242 miners, which represents approximately 28.1 EH/s of owned capacity.
Additional machines are rated at about 13.5 joules per terahertz, a measure of energy efficiency that can affect operating margins in an industry where energy costs are a major expense.
The expansion will increase the share of American Bitcoin in the total hashrate of the global Bitcoin network, simply improving its probability of obtaining block rewards. However, higher computing power does not automatically translate into higher income. The profitability of mining depends on the market price of Bitcoin, the level of network difficulty and energy costs.
The network’s difficulty is 144.40 T, which means, according to CoinWarz, it takes 144.40 trillion hashes to find the correct hash of a block. It has been at this level since February 19.
Shares of Bitcoin America were little changed after the announcement in pre-market trading on Tuesday, broadly in line with weakness in equity markets.
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A Bitcoin-heavy treasury strategy is risky
American Bitcoin, which went public last year through a reverse merger with Gryphon Digital Mining, has adopted a bitcoin-centric corporate strategy that extends beyond its mining operations.
According to industry data, in addition to hashrate expansion, the company has accumulated more than 6,000 Bitcoin (BTC) in its balance. The strategy reflects a growing trend among mining companies to hold most of the mined Bitcoin, rather than sell it quickly, and to effectively use production to create long-term exposure to the asset.
Holding large reserves of Bitcoin can increase profits during rising prices, strengthen a company’s balance sheet, and potentially increase shareholder value. However, the strategy also increases exposure to price volatility.
This risk became apparent in the fourth quarter, when American Bitcoin reported a net loss of $59 million. The loss was largely due to a non-cash market adjustment of $227 million, reflecting the decline in the price of Bitcoin over the period. Such accounting adjustments do not reflect realized losses, but can have a material impact on reported earnings.
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