The Trump brothers’ bitcoin mining venture reduced the cost per coin by nearly a quarter in three months, bucking industry trends.
American Bitcoin (ABTC) said in a Wednesday filing that the cost of mining a bitcoin fell to about $36,200 in the first quarter, down 23% from $46,900 in Q4 2025.
That puts it significantly below the listed miner average of around $80,000 per bitcoin by the end of 2025, as CoinDesk reported, and inside the band where mining at current bitcoin prices remains genuinely profitable rather than a managed loss.
The improvement came from spreading higher production volume over a stable fixed price base plus what management called “continued energy price discipline.”
The Drumheller site in Alberta, which turned on and started running miners in late March, added roughly 3.05 exahash of computing power, a measure of how many guesses per second the mining hardware can make to find new bitcoin. Total fleet capacity reached 28.1 exahash at the end of the quarter, with around 89,000 mining machines running.
As such, US Bitcoin posted a net loss of $81.8 million for the quarter, mostly driven by mark-to-market accounting on its bitcoin holdings as the price fell around 22% during the period.
Revenue came in at $62.1 million versus $78.3 million in Q4 2025, reflecting lower average earnings per share. mined coin of 76,000 dollars against 100,000 dollars.
However, remove the non-cash bitcoin revaluation and the underlying mining was profitable. The company added 1,620 bitcoin to its strategic reserve in the quarter, bringing its holdings to around 7,021 BTC, a 30% increase in three months.
Of this, 817 came from mining and 803 from treasury purchases on the open market. US Bitcoin is now the 16th largest publicly traded bitcoin holder globally.
What makes the quarter marked structurally is the contrast with the rest of the cohort. Public miners have collectively turned to artificial intelligence and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin treasury by over 15,000 BTC since the end of 2024 to fund the transition.
ABTC shares fell about 1% in after-hours trading and remain nearly 90% below their September 2025 listing peak of around $1.25.
