In a significant development within the cryptocurrency mining sector, American Bitcoin (ABTC) reported a dramatic reduction in its cost per Bitcoin mined, achieving a 23% decrease over a three-month period. According to a recent filing, the company’s cost to mine one Bitcoin fell to approximately $36,200 in the first quarter, down from $46,900 in the previous quarter. This cost is notably lower than the average price of approximately $80,000 per Bitcoin among publicly listed miners late last year, indicating that ABTC is still able to operate profitably against the backdrop of declining Bitcoin prices.
The company’s ability to lower its costs was attributed to efficiencies gained from increasing production volume alongside stable fixed costs. Additionally, management emphasized their commitment to maintaining “continued energy pricing discipline,” which plays a crucial role in mining profitability. A key contributor to this improvement was the operation of the Drumheller mining facility in Alberta, which began running in late March. This facility added about 3.05 exahash of computing power to ABTC’s total, bringing the company’s overall capacity to 28.1 exahash, powered by approximately 89,000 miners.
Despite the positive progress in operational efficiency, ABTC reported a net loss of $81.8 million for the quarter. This loss was primarily driven by mark-to-market accounting related to the decrease in Bitcoin prices, which fell around 22% during the same period. The company’s revenue totaled $62.1 million, a decline from the $78.3 million earned in Q4 2025, reflecting a reduced average revenue per mined Bitcoin of $76,000 compared to $100,000.
Excluding the non-cash impact from Bitcoin revaluation, American Bitcoin’s core mining operations proved profitable. The firm added 1,620 Bitcoins to its strategic reserve during the quarter, increasing its total holdings to about 7,021 BTC—a 30% rise over the three-month timeframe. Notably, this increase consisted of 817 Bitcoins mined and 803 acquired through market purchases, solidifying ABTC’s position as the 16th largest publicly traded Bitcoin holder worldwide.
This quarter’s performance stands in stark contrast to trends observed in the broader mining sector, where many public miners have begun shifting their focus towards artificial intelligence and high-performance computing. Cumulatively, they have signed contracts worth over $70 billion and reduced their Bitcoin reserves by more than 15,000 BTC since late 2024, as they adapt to changing market dynamics.
In after-hours trading, ABTC shares slipped by approximately 1% and have plummeted nearly 90% from their peak of about $1.25 in September 2025, reflecting investor sentiment amidst a challenging market environment. As the cryptocurrency landscape continues to evolve, American Bitcoin’s strategic adjustments may position it uniquely among its competitors.
