Bitcoin Miner American Bitcoin Posts $57.2M Net Loss Despite Record Production

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 August 3.

The result included a $71.2 million loss on digital assets, even as the company delivered record production and expanded its reserve to approximately 8,002 BTC.

The loss narrowed from $81.8 million in the first quarter, while revenue increased from $62.1 million to $67 million, and adjusted EBITDA remained negative at $45 million, compared with a $91.3 million loss three months earlier.