Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 388

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 388
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 2025 unaudited condensed combined financial statements included elsewhere in this proxy statement/prospectus. References in this section to ABTC activity prior to April 1, 2025 refer to the historical operations conducted through the “Bitcoin mining” sub -segmentof Hut 8’s or USBTC’s “Compute” segment, as applicable. Bitcoin Mining ABTC generates revenue from Bitcoin rewards by providing computation services to third -partymining pool operators, which combine the computing power of Bitcoin miners to increase the chance of solving a block and getting paid by the network. ABTC provides the service of performing computations of its Bitcoin miners to these mining pool 219 operators and receives in return a payout of Bitcoin based on a contractual formula which primarily calculates the computing power provided to the mining pool as a percentage of the total computing power of the network, regardless of whether the mining pool actually receives the Bitcoin award from the network. As of March 31, 2025, ABTC mined Bitcoin at three sites: •Alpha (Niagara Falls, New York); •Medicine Hat (Medicine Hat, Alberta); and •Salt Creek (Orla, Texas) Until April 30, 2024, ABTC also had Bitcoin mining operations hosted at sites in Kearney, Nebraska and Granbury, Texas. ABTC also previously mined Bitcoin at a site in Drumheller, Alberta, which has been non -operationalsince March 2024. The closure was due to the site’s lack of profitability as a result of several factors, mostly elevated energy costs and underlying voltage issues. ABTC also had operations at a site in Pecos, Texas, but ABTC exited the site in February 2022 as part of the NYDIG debt settlement (further discussed below). During the three months ended March31, 2025, ABTC’s mining activity was reduced due to a planned fleet upgrade to higher efficiency Antminer S21+ miners, which was completed on April4, 2025. Upon completion of the fleet upgrade, ABTC’s fleet had a total hashrate of approximately 10.17 EH/s with an average fleet efficiency of 21.2 J/TH. On April1, 2025, pursuant to the MCSA and MMSA, ABTC entered into service orders with Hut 8 to host its Bitcoin miners at each of the three sites listed above, Alpha, Medicine Hat and Salt Creek. Key Factors Affecting ABTC’s Performance Price of Bitcoin ABTC’s business is heavily