Eric Trump’s American Bitcoin posts $126M Q3 profit, adds 425 BTC
Photo: crypto.news
American Bitcoin Corp. has reported a $126 million third-quarter profit after a $197.3 million gain in the value of its Bitcoin holdings outweighed weaker mining revenue and higher electricity costs. American Bitcoin reported $126 million in third-quarter net income, reversing a $57.2 million second-quarter loss. A $197.3 million digital-asset valuation gain contributed to the profit, while a $64.3 million derivatives loss partly offset it. Mining revenue fell to $63.4 million, with Bitcoin production declining from 932 BTC to 891 BTC. Bitcoin holdings increased by 425 BTC to 8,427 BTC, including 3,090 BTC pledged under Bitmain equipment agreements.
Source: crypto.news
