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Crypto

American Bitcoin Suffers $57M Q2 Loss Despite Mining Revenue Growth

Guavy AI Editorial Team
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American Bitcoin, a Nasdaq-listed company co-founded by Eric Trump, has reported a significant net loss in its second-quarter financials. The company's digital asset holdings led to a $71.2 million loss, driving the total net loss to $57.2 million.

The mining revenue increased 8% from the previous quarter to $67 million, but this wasn't enough to offset the losses. American Bitcoin mined 932 BTC during the quarter and expanded its treasury by 14% to approximately 8,002 BTC.

About 3,090 BTC were pledged under miner-purchase agreements with Bitmain. The company's cost to produce each Bitcoin was around $36,500.

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