Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 45

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 45
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 Revenue generated by the mining of bitcoin is
measured on a dollar per megawatt-hour (“MWh”) basis and is variable based on the price of Bitcoin, the measure of difficulty,
transaction volume and global hash rates. See “Recent Developments – Blockfusion Agreement” below.

For the six months ended June
30, 2025 and 2024, Gryphon mined approximately 31 and 226 bitcoins, respectively. While Gryphon does not have any plans to acquire digital
assets other than bitcoin, it may do so in the future.

Breakeven Analysis

Below
is a breakeven analysis of Gryphon’s mining operations for six months ended June 30,

    2025  
    2024 
  
    Mining Revenues 
    $2,935,000  
    $13,005,000 
  
    Bitcoin mined 
     31.13  
     225.64 
  
    Value of one mined bitcoin 
    $94,282  
    $57,637 
  
    Cost of Revenues (excluding depreciation) 
    $3,662,000  
    $8,640,000 
  
    Cost to mine one bitcoin 
    $117,636  
    $38,291 
  
    Total Bitcoin mined 
     31  
     84 
  
    Breakeven of Total Bitcoin mined 
    $117,636  
    $38,291 

The
breakeven analysis is computed by taking the cost of revenues for the given period and dividing that sum by the number of Bitcoin mined
during the same period. For instance, for the six months ended June 30, 2025 the $3,662,000 cost of revenues is divided by the 31 Bitcoin
mined, resulting in an average of $117,636 per coin. The breakeven analysis is an operational metric that does not take capital expenditures
or financing mechanics into consideration. The calculation only considers direct operational costs, such as electricity and hosting. The
mining equipment was originally financed primarily through equity capital raises and cash flows resulting from the sale of bitcoin generating
by mining operations. As of June 30, 2025, there were no financing agreements outstanding related to financing of mining equipment.

The
breakeven analysis is a non-GAAP measure, similar to the way the gold industry reports gold-equivalent ounces to provide uniform measure
of various revenue streams from different commodities (such as gold,