American Bitcoin Reports Q3 Profit, Driven Largely by Digital-Asset Gains

Technology · First reported 5 Nov, 08:52 · Updated 18:46

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

American Bitcoin reported $126 million in third-quarter net income, reversing a $57.2 million loss in the prior quarter. A $197 million gain on digital assets contributed substantially, while Bitcoin production fell and mining costs rose.

American Bitcoin reported about $126 million in net income for the quarter ended September 30, compared with a $57.2 million net loss in the second quarter.
A $197 million gain on digital assets accounted for much of the profit swing as Bitcoin’s value rose during the period.
The company mined 891 BTC, down from 932 in the prior quarter, while its cost to mine one Bitcoin rose to about $42,100 from $36,500; it attributed the increase to seasonal power costs.
Its Bitcoin reserve rose by about 425 BTC to roughly 8,427 BTC, which the report said was achieved through mining output without Bitcoin purchases or share issuance through its at-the-market program.
Revenue was $63.4 million and missed analysts’ forecasts, according to one report; the company’s gross margin fell to 41% from 49%.