American Bitcoin Corp. reported net income of about $126 million in the third quarter, compared with a $57.2 million loss in the previous quarter. The result was driven largely by a $197.3 million gain on its cryptocurrency holdings, while mining revenue declined to $63.4 million. The cost of producing one bitcoin rose to about $42,100 and the gross margin fell to 41% as seasonal power costs increased. The company mined about 891 bitcoin and increased its holdings to roughly 8,427 BTC as of September 30, a 5% increase. Satoshis per share also rose about 5% to nearly 11,572, with no share issuance under its at-the-market program or bitcoin purchases on the open market.
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