Eric Trump-Backed Miner Hits Record Output, Eyes Long-Term Growth
The Eric Trump-backed company American Bitcoin Corp (ABTC) has announced record-breaking quarterly mining output, topping 8,000 BTC in reserve. In Q2 of this year, ABTC mined a total of 932 BTC, with its strategic reserve growing by 14% from the end of Q1.
The company's revenue from mining rose to $67 million, an increase of about 8% compared to Q1, while gross margins held steady at around 50%. Despite Bitcoin prices slipping during the quarter, ABTC's revenue per BTC mined was $71,900, down only 5% from the previous quarter.
ABTC's CEO Mike Ho stated that the company is focused on compounding Bitcoin per share through scaled mining infrastructure rather than simply holding the asset. Eric Trump, co-founder and Chief Strategy Officer, added that ABTC aims to 'deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul.'