American Bitcoin (ABTC), a Bitcoin mining venture supported by former President Donald Trump’s sons, reduced its cost to mine one Bitcoin by 23% in the first quarter of 2026, defying an industry-wide trend toward artificial intelligence and high-performance computing.
According to a Wednesday filing, the company’s average mining cost fell to $36,200 per BTC in Q1 2026, down from $46,900 in Q4 2025. This figure places American Bitcoin well below the publicly listed miner average of roughly $80,000 per Bitcoin at the end of 2025, a level that makes mining profitable at current market prices rather than a managed loss.
The improvement stemmed from spreading higher production volumes across a stable fixed-cost base and what management described as “continued energy pricing discipline.” The company also activated a new site in Drumheller, Alberta, in late March, adding 3.05 exahash per second (EH/s) of computing power and bringing total fleet capacity to 28.1 EH/s with about 89,000 mining machines running.
American Bitcoin mined a record 817 BTC in the first quarter, then purchased an additional 803 BTC on the open market, boosting its strategic Bitcoin reserve by 30% to 7,021 BTC. That makes it the 16th largest publicly traded Bitcoin holder globally.
Revenue came in at $62.1 million, down from $78.3 million in the previous quarter and below analyst expectations, reflecting a lower average Bitcoin price. The company posted a net loss of $81.8 million, driven primarily by mark-to-market accounting on its Bitcoin holdings as the digital asset’s price dropped roughly 22% during the period. Excluding the non-cash revaluation, the underlying mining operation was profitable.
CEO Mike Ho stated: “Looking ahead, we will keep deploying incremental capacity when expected returns justify it and focus on compounding our Bitcoin reserve while preserving balance sheet flexibility.”
The results stand in sharp contrast to the broader public mining sector, which has collectively signed more than $70 billion in AI and high-performance computing contracts and reduced Bitcoin treasuries by over 15,000 BTC since late 2024. While rivals pivot toward AI, American Bitcoin remains focused on pure-play Bitcoin mining.
ABTC shares slipped about 1% in after-hours trading and remain nearly 90% below their September 2025 listing peak of approximately $1.25.
