Overview
- American Bitcoin reported results Wednesday, posting a $81.8 million first-quarter loss driven by a $117.2 million non-cash write-down after Bitcoin fell about 22%.
- Mining revenue totaled $62.1 million as the average revenue per coin declined, yet the company said gross margin stayed above 50%.
- The miner produced a record 817 BTC and cut its cost per coin to about $36,200 through higher output and tighter power pricing.
- The company added roughly 1,620 BTC to its holdings through mining and purchases, lifting its reserve to 7,021 BTC at quarter-end with no coin sales reported.
- ABTC expanded to about 89,000 machines and 28.1 EH/s after buying 11,298 Bitmain rigs, and the stock fell roughly 9% Thursday to near $1.13 as peers increasingly shift toward AI-focused computing.