American Bitcoin posts $81.8M Q1 loss despite record 817 BTC mined and 23% cost cut

American Bitcoin reported an $81.8 million net loss in Q1 2026, driven mainly by a 22% drop in Bitcoin price that caused a $117.2 million non-cash impairment on its holdings. Despite the loss, the company set a new quarterly mining record of 817 BTC and reduced its mining cost per coin by 23% to $36,200. CEO Mike Ho emphasized the underlying business was profitable excluding the non-cash markdown, with gross mining margins above 50%. The company also expanded its mining capacity to 28.1 exahash and increased total Bitcoin holdings to 7,021 BTC, signaling growth potential despite short-term losses.