American Bitcoin, a Hut 8 subsidiary backed by the Trump family, said its Bitcoin holdings climbed above 8,000 BTC at the end of the second quarter after the company posted its strongest mining output since launch.

The miner reported producing 932 Bitcoin during the three months ended June 30, helping lift its treasury to about 8,002 BTC from roughly 7,021 BTC at the end of March. The company also said mining revenue increased quarter over quarter and its net loss narrowed despite a weaker average Bitcoin price during the period.

Treasury grows on higher production

The company said its Bitcoin treasury rose by about 14% in the second quarter, driven by record production of 932 BTC. That marked American Bitcoin’s highest quarterly output since it began operating.

At the close of June, the company held approximately 8,002 BTC. Three months earlier, at the end of March, it had reported about 7,021 BTC on its balance sheet.

Revenue rises while mining costs stay steady

American Bitcoin reported $67 million in mining revenue for the quarter, up from $62.1 million in the first quarter. The cost to mine one Bitcoin remained around $36,500, according to the company, even as energy costs increased.

The company said its gross margin stayed near 50% during the period. That result came even though the average price of Bitcoin was down about 12% from the prior quarter.

Loss narrows from prior quarter

Net loss for the quarter was reported at $57.2 million, improving from $81.8 million in the first quarter. The results indicate that higher output and stronger mining revenue offset some of the pressure from the softer Bitcoin price environment.

Chief Executive Mike Ho said the company spent the quarter focused on record production, expanding its strategic Bitcoin reserve beyond 8,000 BTC, and reinforcing the foundation of the business.

Management emphasizes long-term strategy

Co-founder and Chief Strategy Officer Eric Trump described the quarter as evidence of rapid growth and said the company remains focused on a long-term Bitcoin strategy. He said the aim is to continue expanding and build what he called a leading American Bitcoin business over time.

The latest quarter provides the clearest confirmed benchmark for that effort so far: a larger treasury, record production since launch, higher revenue, and a smaller net loss than in the previous quarter.

Source: decrypt.co