American Bitcoin Posts $57.2M Loss as BTC Stack Grows

Canadian mining company Hut 8's majority-owned subsidiary American Bitcoin Corp. reported a $57.2 million net loss for Q2, according to its August 3 earnings call. The loss comes despite a record-breaking 932 BTC mined during the quarter and a revenue increase of 8% to $67 million.

The company attributed the loss to a $71.2 million digital asset loss, which it says is an accounting loss and should not be confused with the cost of producing Bitcoin. This figure exceeded American Bitcoin's quarterly mining revenue by more than five times, but fell from $117.2 million in Q1.

The company also disclosed that its BTC holdings rose 14% to 8,002, including 3,090 pledged under Bitmain purchase agreements. Approximately 39% of the reserve remains pledged, with redemption periods generally running for about two years.