Overview
- American Bitcoin, which reported results Wednesday, recorded a $81.8 million first‑quarter loss after a $117.2 million non‑cash hit from a 22% slide in Bitcoin’s price, with revenue at $62.1 million.
- The miner produced a record 817 BTC and cut its cost per coin to about $36,200, which kept gross mining margin near 52%.
- The company added 1,620 BTC to reserves through 817 mined coins and 803 market purchases, and now holds over 7,300 BTC according to co‑founder Eric Trump.
- Capacity grew with 11,298 new Bitmain rigs and the Drumheller, Alberta site coming online, taking the owned fleet to about 89,242 machines and 28.1 exahash per second.
- Shares fell about 9% Thursday to roughly $1.13 as the firm sticks with accumulation while many rivals sell coins and move toward AI and high‑performance computing work.