American Bitcoin Reports $126 Million Quarterly Net Profit, Mining Revenue Declines

American Bitcoin reported a net profit of $126 million in its quarterly results. The source of this profit was a non-cash gain of $197.3 million from the company's Bitcoin assets. Mining revenue fell by 5.5% compared to the previous quarter, dropping to $63.4 million. The production cost of 1 BTC increased by 15% to $42,100. Excluding the increase in the value of Bitcoin assets, the company would have reported an operating loss of approximately $5.5 million. Additionally, a loss of $64.3 million was recorded from derivative transactions. Earnings per share stood at $1.73, exceeding analysts' expectations. However, quarterly revenue was about 15% below market forecasts. American Bitcoin's gross mining profit fell to $25.8 million, with the mining margin dropping to 41%. The company produced 891 BTC during the quarter. Year-over-year, revenue decreased from $64.2 million to $63.4 million. As of the end of September, American Bitcoin held 8,427 BTC. Competitors are turning to artificial intelligence investments for new revenue streams. Bitcoin traded at $76,119, down 5% in the last 24 hours as of UTC 20:50.

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