American Bitcoin reported quarterly net income of $126 million, but the result included a $197.3 million noncash gain on its Bitcoin holdings. Excluding gains on those holdings, its financial statements show it would have reported an operating loss of about $5.5 million.
Mining revenue fell 5.5% from the previous quarter to $63.4 million, while the cost to mine one Bitcoin rose about 15% to $42,100. Gross mining profit fell from $33 million to $25.8 million, and the reported mining margin narrowed from 49% to 41%. The company said higher electricity prices were the main reason mining costs rose.
