Overview
- American Bitcoin, which filed results Wednesday, posted a $81.8 million net loss after revaluing its bitcoin holdings lower as prices fell about 22% in the quarter.
- The miner generated $62.1 million in revenue and produced a record 817 bitcoin in Q1, helped by new capacity at the Drumheller site and a larger fleet.
- Cost to mine each coin dropped 23% to about $36,200, supporting roughly 52% gross mining margins and placing the company well below many public peers on costs.
- The company added 1,620 bitcoin to its reserve through 817 mined coins and 803 open‑market purchases, raising holdings to about 7,021 BTC as of March 31 without selling any.
- Management is doubling down on a bitcoin accumulation strategy as many rivals sell coins and pursue AI and high‑performance computing, a split that could widen earnings swings because accounting rules force unrealized price moves to hit reported income.