American Bitcoin Posts Q2 Loss Despite Record Mining Output

American Bitcoin, a cryptocurrency mining company backed by two sons of U.S. President Donald Trump, reported a Q2 net loss due to declining Bitcoin prices despite record mining production and higher revenue.

The company's BTC holdings increased by 14% during the quarter to more than 8,000 bitcoins, while its mining operations produced a record 932 bitcoins between April and June.

A decline in Bitcoin prices of over 11% during the second quarter offset American Bitcoin's higher revenue. The company said its revenue more than doubled to approximately $67 million, up from $30.3 million a year earlier, driven by increased mining activity.