American Bitcoin posts $126 million net profit as rising costs, rivals pivot to AI

American Bitcoin reported quarterly net income of $126 million, with the result largely driven by a $197.3 million noncash gain from its Bitcoin (BTC) holdings. Despite the headline profit, the company continues to face mounting mining costs and declining revenues as competition among miners intensifies and major industry players increasingly shift toward artificial intelligence businesses. The Eric Trump-backed firm saw its mining revenue drop 5.5% from the previous quarter, reaching $63.4 million, while the cost to mine a single BTC surged 15% to $42,100.