Trump Family-Backed ABTC Cuts Q1 Bitcoin Mining Cost 23% to $36,200, Posts $81.8 Million Net Loss

American Bitcoin Corp., the Bitcoin miner backed by the family of US President Donald Trump, cut its mining costs sharply in the first quarter.

CoinDesk reported on May 7, citing company filings, that ABTC's cost to mine one Bitcoin fell to about $36,200 in the first quarter. That was down about 23% from the previous quarter and less than half the industry average of roughly $80,000.

The decline was driven by higher output as the company ramped up operations at its Drumheller site in Alberta, Canada, along with improved fixed-cost efficiency and energy price management.

Still, the company posted a net loss of $81.8 million in the first quarter, reflecting valuation losses tied to a drop in Bitcoin prices. Revenue fell to $62.1 million from $78.3 million in the previous quarter. Average mining revenue per Bitcoin also declined to $76,000 from $100,000 over the same period.

Unlike many publicly traded miners that have been selling Bitcoin holdings while shifting toward artificial intelligence and high-performance computing, ABTC increased its Bitcoin reserves. The company added 1,620 Bitcoin in the first quarter, bringing total holdings to 7,021. Of that amount, 817 were mined and 803 were bought in the market.