Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 111

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 111
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, 2025, the Company had approximately 10,600 miners in operation compared to approximately 8,800 as of 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 three months ended June 30, 2025 and 2024, the average daily global hashrate was 875.7 exahash and 602.1 exahash, respectively, an
increase of 45%.

31

Cost of revenues

Cost
of revenues decreased to $1,608,000 for the three months ended June 30, 2025, from $3,803,000 for the three months ended June 30, 2024.
The decrease of $2,195,000 was primarily due to a decrease in the number of Bitcoin mined offset by (i) an increase in Bitcoin network
hashrate and (ii) higher energy costs.

General and administrative
expenses

    Change 

    2025  
    2024  
    Dollar  
    Percentage 
  
    Professional fees 
    $419,000  
    $891,000  
    $(472,000) 
     (53.0)%
  
    Investor and public relations expenses 
     313,000  
     2,467,000  
     (2,154,000) 
     (87.3)
  
    Salaries and wages 
     618,000  
     221,000  
     397,000  
     179.6 
  
    Insurance expense 
     124,000  
     160,000  
     (36,000) 
     (22.5)
  
    Corporate stock expense 
     88,000  
     110,000  
     (22,000) 
     (20.0)
  
    Other expenses 
     85,000  
     (21,000) 
     106,000  
     (504.8)
  
    Total general and administrative expenses 
    $1,647,000  
    $3,828,000  
    $(2,181,000) 
     (57.0)%

Professional
fees decreased