Bitcoin News Today: Trump-Linked ABTC Surges in Bitcoin Mining Amid Industry-Wide AI Push

The Bitcoin mining sector is navigating a pivotal moment as 95% of the cryptocurrency's total supply has now been mined, intensifying competition among miners to optimize operations and diversify revenue streams. American Bitcoin Corp. (ABTC), a firm with ties to Donald Trump's sons, has emerged as a standout performer, reporting a third-quarter net income of $3.5 million and revenue surging to $64.2 million - a fivefold increase year-over-year - following its merger with Gryphon Digital Mining and spinout from Hut 8. The company's success underscores a broader industry trend: miners leveraging asset-light models and strategic partnerships to weather volatile market conditions.

American Bitcoin's BTC holdings have grown to 4,004 coins, valued at approximately $384 million, as of November 13. This expansion was driven by a 3,000-BTC addition through mining and market purchases, alongside a fleet capacity expansion to 25 exahash per second with an average efficiency of 16.3 joules per terahash. The firm's CEO, Michael Ho, emphasized the operational leverage of its model, which combines scalable mining with strategic BTC accumulation, allowing it to generate bitcoin below market prices.

The Trump family's 20% stake in American Bitcoin has drawn attention, particularly amid a $100 million investment led by Solari Capital, founded by AJ Scaramucci, despite a history of political tensions between his father, Anthony Scaramucci, and Donald Trump. AJ Scaramucci argued that Bitcoin's appeal transcends partisan divides, noting the company's potential to rival public BTC accumulation platforms. Meanwhile, Eric Trump dismissed recent crypto market declines as a "necessary trade-off for high returns," reflecting confidence in long-term growth.

Industry-wide, miners are recalibrating strategies as Bitcoin's post-halving economics and falling prices pressure profitability. Bitfarms, for instance, announced plans to convert its Washington-based mining operations to AI and high-performance computing (HPC) infrastructure over two years, citing superior revenue potential. CEO Ben Gagnon highlighted the U.S.'s advantage in AI infrastructure, stating that the shift could generate more net operating income than Bitcoin mining alone. Similarly, CleanSpark is raising $1.15 billion to expand both Bitcoin mining and AI data centers, joining peers like IREN and Core Scientific in diversifying into AI to offset crypto volatility.

However, challenges persist. The U.S. mining sector, despite policy support under the Trump administration, has seen slower hashrate growth compared to international competitors, with China's historical dominance (over 60% hashrate share) serving as a benchmark for global competition. Analysts note that while regulatory clarity and institutional adoption have boosted Bitcoin's price, direct support for domestic miners remains limited, leaving them to navigate global supply chains and post-halving realities.

As the industry evolves, American Bitcoin's performance and strategic pivots like those of Bitfarms and CleanSpark illustrate the dual pressures of technological adaptation and market volatility. With Bitcoin's supply nearing exhaustion, the race to secure efficient operations and diversified revenue streams will likely define the next phase of the mining sector's development.