ABTC Mining Costs Drop 23% to $36,200 in Q1 2026 Report

American Bitcoin cut its cost to mine one Bitcoin by 23% in the first quarter of 2026, reaching approximately $36,200 per coin from $46,900 in Q4 2025, putting the company well below the industry average of roughly $80,000 and firmly inside the range where mining at current prices remains genuinely profitable. The results, reported in a Wednesday filing by the Trump family-linked miner, show a business that has squeezed its cost structure aggressively while most of its listed peers have been redirecting capital and infrastructure toward AI data centres.

The cost improvement came from spreading higher production volume across a stable fixed cost base, combined with what management described as continued energy pricing discipline. American Bitcoin mined 817 Bitcoin in Q1, its highest quarterly output on record, while running a fleet of approximately 89,000 miners across sites including the newly energised Drumheller facility in Alberta, which came online at the end of March and reached full capacity on April 22. Total owned fleet capacity hit 28.1 exahashes per second by quarter end, up from around 25 exahashes at the start of the year.

Revenue Fell 21% on Lower Bitcoin Prices But Gross Margin Held Above 50%

Mining revenue came in at $62.1 million for the quarter, down from $78.3 million in Q4 2025, with the decline driven entirely by a lower average revenue per coin of $76,000 versus $100,000 in the prior quarter. As CFO Matt Prusak put it on the earnings call, the decline was a pure price effect rather than an operational one: production actually rose quarter on quarter, and revenue would have increased if Q4 price levels had held.

The headline GAAP net loss of $81.8 million is similarly misleading as a measure of operating performance. American Bitcoin is required under FASB fair value rules to mark its Bitcoin holdings to market at each quarter end, and the 22% decline in Bitcoin prices over Q1 produced a $117.2 million non-cash loss on its digital assets balance sheet. Strip that out and the underlying mining business was profitable. The company also recorded a $37.3 million gain on derivatives related to a miner purchase agreement, partially offsetting the Bitcoin revaluation charge.

7,021 BTC in Reserve and Satoshis Per Share Up 20% in a Single Quarter

The metric American Bitcoin emphasises most is satoshis per share, its measure of how much Bitcoin each share of ABTC represents. That figure grew 20% in Q1 alone, from 554 at year end to 663 at March 31, meaning shareholders own materially more Bitcoin per share than they did three months earlier. Bitcoin holdings grew 30% over the same period while shares outstanding grew 9%, a relationship the company argues reflects disciplined capital allocation rather than dilution-driven accumulation.

Of the 1,620 Bitcoin added to the strategic reserve in Q1, 817 came from mining at an average cost roughly 47% below the average spot price for the quarter, and 803 were acquired through open-market treasury purchases. The company has not sold a single coin since its launch in March 2025. At 7,021 BTC, American Bitcoin is now the 16th largest publicly traded Bitcoin holder globally, according to BitcoinTreasuries.

Public Miners Have Collectively Sold 15,000 BTC to Fund AI Pivots Since Late 2024

The strategic contrast with the rest of the public mining sector is the most significant context for reading these results. As CoinDesk reported in March, public miners have collectively signed more than $70 billion in AI and high-performance computing contracts and reduced their Bitcoin treasuries by over 15,000 BTC since late 2024 to fund those transitions. Companies including MARA, Riot Platforms and Core Scientific have all redirected significant portions of their power capacity toward AI data centre hosting, where contracts offer more predictable revenue than Bitcoin mining in a volatile price environment.

American Bitcoin has gone in the opposite direction. Eric Trump, co-founder and chief strategy officer, framed the company's position explicitly on the earnings call, saying the goal is to accumulate the most Bitcoin at the lowest cost and that every capital allocation decision flows from that objective. Whether that approach holds its appeal through a prolonged period of Bitcoin price weakness is the central question for ABTC shareholders. The stock remains approximately 90% below its September 2025 listing peak of around $14.65, and the company's Q1 GAAP loss of $81.8 million will draw scrutiny regardless of how management frames the non-cash components.

With Bitcoin now back above $81,000, the paper losses on its reserve have reversed significantly since quarter end, and the Q2 results will give a cleaner read on whether the cost discipline demonstrated in Q1 translates into meaningful profitability at current prices.