American Bitcoin posts $81.7M Q1 loss despite record Bitcoin mining output

American Bitcoin reported an $81.7 million loss in Q1 as revenue missed analyst expectations by 17%, despite mining a record 817 Bitcoin and reducing mining costs to $36,200 per BTC. Revenue rose to $62.1 million but fell from the previous quarter's $78.3 million. The company increased its Bitcoin holdings to over 7,000 BTC and expanded its mining capacity with new ASIC miners. However, lower Bitcoin prices and tighter margins continue to pressure miner earnings industrywide, signaling ongoing challenges ahead.