American Bitcoin, the Trump family-linked miner, grew its bitcoin holdings 14 percent to more than 8,000 BTC and produced a record 932 bitcoin in the second quarter, according to the company's earnings announcement. The firm reported $67 million in mining revenue while holding its cost to mine flat at roughly $36,500 per bitcoin despite a lower spot price environment.
American Bitcoin operates Hut 8 Mining Corp.'s North American infrastructure after Hut 8 separated its operating and corporate assets in 2024. The treasury expansion results from the firm's strategy of holding mined output rather than selling into spot markets; it increased holdings from approximately 7,047 BTC at the end of Q1 to the current level.
The 932 BTC quarterly production total outpaced the company's prior peak of 923 BTC in the fourth quarter of 2024. American Bitcoin attributed the increase to sustained hashrate and improved mining conditions in its operating jurisdictions, which span multiple U.S. states. The firm operates a fleet of application-specific integrated circuit rigs powered by a mix of grid power and on-site generation.
Maintaining production cost at $36,500 per bitcoin while spot prices fell from roughly $67,000 in early July to near $58,000 by quarter end created margin compression for the industry. Large-cap miners including Marathon Digital and Riot Platforms reported similar flat-to-rising marginal costs in Q2 despite hardware efficiency gains, driven by power cost inflation and reduced profitability on fixed infrastructure expenses at lower output prices.
American Bitcoin's treasury now represents approximately 0.38 percent of the circulating bitcoin supply at 2.1 million BTC. The firm's cumulative production since operations began in 2024 has reached approximately 4,200 BTC according to the quarterly filing.
American Bitcoin's cost discipline at current price levels remains an outlier. Most publicly traded miners reported all-in costs between $38,000 and $52,000 per BTC in Q2, a range that compresses profitability when spot prices dip below $60,000. The firm held $36,500 through both operational scale from its Hut 8 infrastructure partnership and access to lower-cost power arrangements, primarily through on-site generation in natural gas-rich regions.
The number that will shape American Bitcoin's next quarter is whether production can hold above 900 BTC monthly as hashrate network-wide continues climbing and power costs rise.
