American bitcoin expands mining operations to 24 EH/s

MIAMI - American Bitcoin Corp. (NASDAQ:ABTC) has increased its installed Bitcoin mining hashrate from approximately 10 exahash per second (EH/s) to 24 EH/s, the company announced Thursday. The stock has shown strong momentum, with a 28% gain over the past six months and is currently trading at $37.37, near its 52-week high of $40.56.

The expansion represents a 2.4-fold increase in hashrate capacity through the acquisition and energization of approximately 14 EH/s across about 16,300 ASIC servers. The company’s mining fleet now operates at an average efficiency of 16.4 joules per terahash, according to the statement. InvestingPro analysis reveals the company operates with a moderate debt level, though short-term obligations currently exceed liquid assets.

"In Q2 2025, our cost of revenue per Bitcoin mined was approximately 50% of our revenue per Bitcoin mined," said Asher Genoot, Executive Chairman of American Bitcoin.

The newly deployed miners are operating at the 205-megawatt Vega data center developed and operated by Hut 8 Corp. (NASDAQ:HUT, TSX:HUT), which serves as American Bitcoin’s exclusive infrastructure provider. The facility utilizes direct-to-chip liquid-cooled ASIC servers in a rack-based configuration supporting high-density deployments of up to 180 kW per rack.

American Bitcoin, a majority-owned subsidiary of Hut 8 Corp., describes itself as a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure. The company combines self-mining operations with accumulation strategies to build Bitcoin holdings.

The announcement comes amid ongoing competition in the Bitcoin mining sector, where operational efficiency and production costs relative to Bitcoin market prices remain key competitive factors. According to InvestingPro, which offers 12+ additional insights about ABTC, analysts anticipate sales decline and do not expect profitability this year. For comprehensive analysis of ABTC and 1,400+ other stocks, explore the detailed Pro Research Reports available on InvestingPro.

This article is based on information from a company press release.

In other recent news, AlphaTON Capital Corp., previously known as Portage Biotech Inc., has announced plans to acquire approximately $100 million in TON tokens. This move is part of the company’s transformation into a digital asset treasury company, focusing on Telegram’s ecosystem. Concurrently, AlphaTON has appointed Brittany Kaiser as its new Chief Executive Officer and board member. Meanwhile, American Bitcoin Corp. has launched a $2.1 billion at-the-market equity program in collaboration with several financial institutions, allowing for the sale of its Class A common stock. Additionally, Gryphon Digital Mining has filed updated merger information with the SEC regarding its pending merger with American Bitcoin Corp. Stockholder voting for this merger has commenced, with a special meeting scheduled for late August. If approved, the merger will result in the combined company operating under the American Bitcoin brand. These developments reflect significant strategic moves by the companies involved.

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