American Bitcoin Posts Record Mining Output Amid $57.2M Quarterly Loss

American Bitcoin Corp., a Bitcoin miner co-founded by Eric Trump and majority owned by Hut 8, reported a $57.2 million net loss for the second quarter on Aug. 3.

The company's digital asset losses totaled $71.2 million, but its mining output reached a record 932 BTC, while quarterly revenue increased 8% to $67 million.

Adjusted EBITDA improved to a $45 million loss from a $91.3 million loss in March, and the company's mining cost remained near $36,500 per coin, broadly unchanged from the previous quarter.