The Trump brothers’ Bitcoin mining business has cut its cost per coin by almost a quarter in three months, bucking industry trends.
American Bitcoin (ABTC) said in a filing Wednesday that its cost to mine one bitcoin fell to around $36,200 in the first quarter, a 23% decline from $46,900 in the fourth quarter of 2025.
That puts it significantly below the publicly traded miner average of around $80,000 per bitcoin at the end of 2025, as CoinDesk reported, and inside the band where mining at current bitcoin prices remains truly profitable rather than a managed loss.
The improvement came from allocating higher production volume onto a stable fixed cost base, as well as what management called “continued energy pricing discipline.”
The Drumheller site in Alberta, which was activated and began operating miners in late March, added about 3.05 exahashes of computing power, a measure of the number of guesses per second that mining hardware can make to find new bitcoins. Total fleet capacity reached 28.1 exahash at the end of the quarter, with approximately 89,000 mining machines in operation.
As such, American Bitcoin reported a net loss of $81.8 million for the quarter, most of which was due to the mark-to-market accounting of its Bitcoin holdings, as the price fell approximately 22% during the period.
Revenue was $62.1 million from $78.3 million in the fourth quarter of 2025, reflecting a decline in average revenue per mined coin of $76,000 from $100,000.
However, excluding the non-monetary revaluation of Bitcoin, the underlying mining business has become profitable. The company added 1,620 bitcoins to its strategic reserve during the quarter, bringing its holdings to approximately 7,021. $BTCan increase of 30% in three months.
Of this total, 817 came from mining and 803 from open market treasure purchases. American Bitcoin is now the 16th largest publicly traded Bitcoin holder in the world.
What makes the quarter structurally remarkable is the contrast with the rest of the cohort. Public miners have collectively turned to AI and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin hoards by more than 15,000 $BTC Since the end of 2024 to finance the transition.
ABTC shares were down about 1% after hours and remain nearly 90% below their September 2025 trading high of around $1.25.