The Trump brothers’ bitcoin mining company cut its cost per coin by nearly a quarter in three months, bucking industry trends.
American Bitcoin (ABTC) said in a Wednesday filing that its cost to mine one bitcoin fell to about $36,200 in the first quarter, a 23% drop from $46,900 in the fourth quarter of 2025.
That puts it materially below the publicly traded miners’ average of around $80,000 per bitcoin at the end of 2025, as CoinDesk reported, and within the band where mining at current bitcoin prices remains genuinely profitable rather than a controlled loss.
The improvement came from spreading greater production volume across a stable fixed cost base, plus what management called “continued energy pricing discipline.”
The Drumheller site in Alberta, which turned on and started running miners in late March, added about 3.05 exahash of computing power, a measure of how many guesses per second the mining hardware can make to find new bitcoins. Total fleet capacity reached 28.1 exahash at the end of the quarter, with around 89,000 mining machines in operation.
As such, American Bitcoin posted a net loss of $81.8 million during the quarter, most of it driven by mark-to-market accounting for its bitcoin holdings, as the price fell approximately 22% during the period.
Revenue was $62.1 million versus $78.3 million in Q4 2025, reflecting lower average revenue per coin mined of $76,000 versus $100,000.
However, excluding the revaluation of cashless bitcoin, the underlying mining business was profitable. The company added 1,620 bitcoins to its strategic reserve in the quarter, bringing its holdings to approximately 7,021 BTC, an increase of 30% in three months.
Of these, 817 came from mining and 803 from treasury purchases on the open market. American Bitcoin is now the 16th largest publicly traded bitcoin holder globally.
What makes this quarter structurally notable is the contrast to the rest of the cohort. Public miners have collectively pivoted toward artificial intelligence and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin treasuries by more than 15,000 BTC since the end of 2024 to fund the transition.
ABTC shares fell about 1% in after-hours trading and remain nearly 90% below their September 2025 trading high of around $1.25.
