The Eric Trump-backed miner reported $126 million in quarterly net income, largely driven by gains on its Bitcoin holdings, despite rising mining costs and shrinking margins.
American Bitcoin reported a quarterly net income of $126 million on Wednesday, but rising mining costs and falling profits from mining raise questions about its long-term strategy as major rivals pivot towards artificial intelligence.
The Eric Trump-backed company’s profit was driven by a $197.3 million noncash gain on its Bitcoin (BTC) holdings. Meanwhile, mining revenue fell 5.5% to $63.4 million from the previous quarter, while the cost to mine one BTC rose about 15% to $42,100.
Excluding gains from its Bitcoin holdings, American Bitcoin would have reported an operating loss of approximately $5.5 million, according to its financial statements. The company also recorded a separate $64.3 million loss on derivatives.
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