American Bitcoin, a subsidiary of Hut 8 co-founded by Eric Trump, increased its bitcoin holdings to 8,002 BTC in the second quarter, a 14% rise from 7,021 BTC as of March 31. The company mined a record 932 BTC during the quarter, while reporting a net loss of $57.2 million, attributed largely to unrealised losses on its bitcoin holdings.
The firm’s Q2 mining revenue reached approximately $67 million, driven by the record 932 BTC mined. This marked its highest quarterly production to date, though revenue per bitcoin mined fell 5% quarter-on-quarter to $71,900, reflecting broader market volatility. The cost to mine bitcoin in Q2 averaged $36,500 per BTC, a marginal increase from $36,200 in the previous quarter.
American Bitcoin ended the quarter with 89,242 owned miners, representing 28.1 EH/s of capacity. Operational miners totalled 58,999 units, generating 25 EH/s of hashing power after the energisation of 11,298 next-generation machines in April. The company also executed a 1-for-15 reverse stock split in the preceding month.
Shares in American Bitcoin closed down 6.4% at $5.52 on Friday, reflecting investor caution despite the expansion of bitcoin holdings. CEO Mike Ho stated the company remained focused on operational growth, noting the strategic reserve increase to over 8,000 BTC and the strengthening of its business foundation.
The results highlight the challenges faced by bitcoin miners amid fluctuating prices, with American Bitcoin’s net loss narrowing from $81.8 million in the prior quarter. The firm’s ability to scale operations while managing financial pressures will be critical to its long-term viability.
Written by James Tobias
Bitcoin Desk
