American Bitcoin reports $126M quarterly profit driven by bitcoin revaluation

American BitcoinБиткоинBitcoin (BTC) is the first and best-known decentralized cryptocurrency, running on its eponymous blockchain network with no central issuer or intermediary bank., the miningМайнингMining is the process of confirming transactions and adding new blocks to a blockchain using a Proof of Work mechanism. The miner receives a reward for the computational work performed. company backed by Eric Trump, reported a quarterly net profit of $126 million. According to Cointelegraph, the main contribution came from the revaluation of the bitcoin the company holds, rather than from its operations.

Operating picture is weaker

Based on Cointelegraph's reporting, rising mining costs are squeezing the company's margins. The period's profit was supported by price revaluation, so it does not show how sustainable the bitcoin mining business itself is.

The article is based on an announcement; the full text of the report was not available to the editors, so details of the filing, mining output and cost structure are not covered here.