The expansion at Drumheller, Canada increased the company’s owned mining capacity, and the report said its shares rose more than 13% after the update.
American Bitcoin said it added 11,298 mining machines at its Drumheller site in Alberta, Canada, increasing its owned hash rate capacity to 28.1 EH/s. Hash rate measures the computing power used for Bitcoin mining, and a higher figure generally indicates greater potential to process blocks and compete for mining rewards. The report also said the announcement pushed the company’s shares up more than 13%, suggesting a positive market reaction to the capacity expansion.