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American Bitcoin posts record BTC output, mining revenue rises in Q2

Second-quarter mining revenue increased 8% to $67.0 million, while net loss narrowed to $57.2 million after recording 932 BTC mined.

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American Bitcoin, a Nasdaq-listed, Trump family-linked Bitcoin miner, reported record Bitcoin production in the second quarter, with higher mining output boosting revenue even as the company stayed in the red, Cointelegraph reported.

The miner produced 932 BTC in Q2, lifting mining revenue 8% to $67.0 million from $62.1 million in the prior quarter, while its net loss narrowed to $57.2 million from a $81.8 million loss in Q1.

American Bitcoin said it ended the period holding about 8,002 BTC as of June 30 and had pledged about 3,090 tokens under agreements with Bitmain to purchase mining equipment.

The company also recently completed a 1-for-15 reverse stock split to maintain its Nasdaq listing after its shares fell below the exchange’s minimum bid requirement, according to the outlet.

Latest closeBitcoin $63,780.28 ▲0.5%|Nasdaq Comp. 25,373.85 ▲1.0%

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