American Bitcoin’s $126M profit masks mining pressure as rivals turn to AI

The Eric Trump-backed miner reported $126 million in quarterly net income, largely driven by gains on its Bitcoin holdings, despite rising mining costs and shrinking margins. American Bitcoin reported a quarterly net income of $126 million on Wednesday, but rising mining costs and falling profits from mining raise questions about its long-term strategy as major rivals pivot towards artificial intelligence. The Eric Trump-backed company’s profit was driven by a $197.3 million noncash gain on its Bitcoin (BTC) holdings.