American Bitcoin reported quarterly net income of $126 million, driven primarily by a noncash $197.3 million gain on its Bitcoin holdings. Excluding those valuation gains, the company would have posted an operating loss of approximately $5.5 million. Mining revenue fell 5.5% to $63.4 million, while the cost to mine one Bitcoin rose about 15% to $42,100. Its mining margin declined from 49% to 41%, and quarterly production dropped from 932 BTC to 891 BTC, partly because of higher electricity prices. American Bitcoin continued building its reserves, holding 8,427 BTC at the end of September compared with 3,418 BTC a year earlier, as Riot Platforms, MARA Holdings and Core Scientific expanded their investments in artificial intelligence data centers.
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