The Trump brothers’ bitcoin mining venture has cut the cost per bitcoin by nearly a quarter in three months, bucking industry trends.
American Bitcoin Corporation (ABTC) said in a filing on Wednesday that the cost of mining one Bitcoin fell to approximately $36,200 in the first quarter, down 23% from $46,900 in the fourth quarter of 2025.
As CoinDesk reports, this is significantly lower than the average price per Bitcoin of around $80,000 for publicly listed miners in late 2025, and within the range of mining at current Bitcoin prices to be truly profitable rather than administratively loss-making.
The improvement comes from increasing production on a stable fixed-cost basis and what management calls “continued energy pricing discipline.”
The Drumheller site in Alberta got up and running miners in late March, adding roughly 3.05 exahash of computing power, a measure of how many guesses per second mining hardware can make to find new bitcoins. By the end of the quarter, the total mining machine capacity reached 28.1 exahash, with approximately 89,000 mining machines in operation.
As a result, Bitcoin America reported a net loss of $81.8 million for the quarter, most of which was caused by the mark-to-market value of its Bitcoin holdings, as the price fell by approximately 22% during the period.
Revenue was $62.1 million, compared to $78.3 million in Q4 2025, reflecting an average revenue per coin mined of $76,000, down from $100,000.
However, excluding the non-cash Bitcoin revaluation, its underlying mining operations are profitable. The company added 1,620 Bitcoins to its strategic reserves during the quarter, bringing its holdings to approximately 7,021 Bitcoins, a 30% increase in three months.
Of those, 817 came from the mining industry and 803 came from open market Treasury purchases. Bitcoin America is currently the 16th largest publicly traded Bitcoin holder in the world.
What’s structurally striking about this quarter is its comparison to other quarters. Public miners have collectively pivoted to artificial intelligence and high-performance computing, signing contracts totaling more than $70 billion since the end of 2024 and reducing Bitcoin inventories by more than 15,000 BTC to fund the transition.
ABTC shares fell about 1% in after-hours trading, but are still nearly 90% below their September 2025 listing peak of around $1.25.
