Photo: Canaan AvalonMiner A10 bitcoin mining machines / Canaan / CC BY-SA 4.0
By: JBizNews Desk 🌎
American Bitcoin reported a third-quarter net profit of about $126 million, swinging from a $57.2 million loss in the prior quarter, driven mainly by a $197.3 million accounting gain on its digital-asset holdings rather than mining operations alone, CoinDesk reported as of 6:45 a.m. ET Thursday, citing the company’s earnings release issued Wednesday.
Revenue came in at $63.4 million, down from $67 million in the second quarter and below the roughly $74 million analysts had expected, CoinDesk reported.
Mining economics tightened. The company produced 891 bitcoin in the quarter, down from 932 in the prior three months, while its cost per coin rose to $42,100 from $36,500. Gross margin narrowed to 41% from 49%.
American Bitcoin sold part of its production to cover operating costs and made no bitcoin purchases during the quarter, according to the release. Its holdings stood at 8,427 bitcoin, including pledged coins.
The stock traded at $6.35 in premarket Thursday, up 1.75%, after closing Wednesday at $6.24, down 5.6%, CoinDesk reported.
JBizNews Desk | New York
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