Trump-Backed Bitcoin Miner Suffers Third Consecutive Quarterly Loss

American Bitcoin Corp., a mining company backed by the Trump family, has reported its third consecutive quarterly loss. The Miami-based firm lost $57 million in the second quarter, with revenue reaching $67 million. This decline is largely due to the falling value of its holdings, which are tied closely to the price of Bitcoin. In fact, Bitcoin's price slipped 14% during the quarter that ended June 30.

Eric Trump, the company's chief strategy officer, defended the firm's performance. 'Where I somewhat get annoyed is that we get lumped in the same bucket with DATs,' he said on a conference call. 'Our advantage is that we're not buying at fair market price. Our advantage is that we're mining for roughly $0.50 on the dollar.'

The company's stock has plunged roughly 95% from its peak, and it recently consolidated each block of 15 existing shares into a single new one to keep its shares listed on the Nasdaq. At the time of writing, the stock had fallen about 3.3% to $5.34.