American Bitcoin Mines Record 932 BTC in Q2, Reserve Tops 8,000
Share:
Company posted a net loss of $57.2 million this quarter, narrowed from $81.8 million in Q1, driven by a $71.2 million noncash loss on digital assets and an operating loss of $74.1 million as Bitcoin fell about 12% in crypto markets over the quarter. CryptoPotato reported the Q1 $81.8 million loss occurred despite record mining output of 817 BTC in May, highlighting that strong BTC mining production has not offset market-driven asset write downs and operational strain.
Predictions Markets
See what traders are focused on
Net loss came to $57.2 million, narrowed from $81.8 million in the first quarter. A $71.2 million non-cash loss on digital assets ran through operating expenses, and the operating loss was $74.1 million while Bitcoin fell about 12% over the quarter.
CryptoPotato reported on the $81.8 million first-quarter loss that landed alongside a then-record 817 Bitcoin mined in May.
Read More
Facing a severe cash crunch, Bitcoin miner Sphere 3D quietly prepares to dilute its shareholders by a staggering 50%
