American Bitcoin reported a quarterly net income of $126 million on Wednesday, Nov. 4, but rising mining costs and falling profits from mining raise questions about its long-term strategy as major rivals pivot toward artificial intelligence.
Gross mining profit fell to $25.8 million from $33 million in the previous quarter, and the company’s reported mining margin dropped to 41%, according to the disclosure [1]. Mining revenue slipped to $63.4 million, while the cost of mining one Bitcoin rose to $42,100, the filing stated [2].
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