American Bitcoin Corp., the mining firm co-founded by Eric Trump and controlled by Hut 8, reported a net loss of $57.2 million for Q2 on August 3. Despite the loss, the company boosted its Bitcoin holdings by 14%, reaching 8,002 BTC, including 3,090 BTC pledged under Bitmain purchase agreements.
The miner hit a record quarterly output of 932 BTC, up from 817 BTC in Q1, which helped lift revenue by 8% to $67 million. Costs stayed steady with mining expenses near $36,500 per coin, unchanged from the previous quarter.
Losses Driven by Digital Asset Write-downs
The sizeable $71.2 million loss on digital assets remained the largest quarterly expense, even as it shrank from $117.2 million in Q1. This loss exceeded total mining revenue for the period and is an accounting figure rather than a cash outflow. The company did not clarify how much of this loss came from finalized transactions during the quarter.
Adjusting for gains on derivatives, which improved results by $18.3 million, American Bitcoin cut its loss before taxes to $55.7 million. Depreciation and amortization added another $28.2 million to expenses, alongside $7.7 million in administrative costs. Adjusted EBITDA improved significantly, dropping to a $45 million loss compared to $91.3 million in the first quarter.
These figures reflect ongoing volatility in the crypto mining sector, where asset valuations heavily impact earnings regardless of operational performance. The miner's output growth contrasts with persistent challenges accounting for digital asset fluctuations in earnings.
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