Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 104

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 104
---
     348,000  
     463,000  
     133.0 
  
    Depreciation expense 
     1,586,000  
     6,539,000  
     (4,953,000) 
     (75.7)
  
    Unrealized gain on digital assets 
     (73,000) 
     (1,385,000) 
     1,311,000  
     94.7 
  
    Total operating expenses 
     10,633,000  
     20,431,000  
     (9,798,000) 
     (48.0)
  
    Loss from operations 
     (7,698,000) 
     (7,426,000) 
     272,000  
     3.7 
  
    Other expenses 
     (3,839,000) 
     (8,327,000) 
     (4,488,000) 
     (53.9)
  
    Loss before provision for income taxes 
    $(11,537,000) 
    $(15,753,000) 
    $(4,216,000) 
     (26.8)%

Mining revenues

Mining
revenues decreased to $2,935,000 for the six months ended June 30, 2025 from $13,005,000 for the six months ended June 30, 2024. The decrease
in mining revenues of $10,070,000 was due to a combination of factors. The average value of bitcoin mined for the six months ended June
30, 2025 was $94,000 compared to $58,000 for the six months ended June 30, 2024, an increase of $36,000, or 63.0%. For the six months
ended June 30, 2025, the Company had approximately 10,700 miners in operation compared to approximately 8,800 for the six months ended
June 30, 2024. However, these increases in revenue recognized per bitcoin earned and operational miners were offset by the increase in
global hashrate as well as the 50% reduction in block rewards due to the halving event in April 2024.

During
the six months ended June 30, 2025 and 2024, the average daily global hashrate