American Bitcoin Reports $82M Q1 Loss, Second Consecutive Quarterly Decline

BTC-1.27%

According to Glong Hui, American Bitcoin reported on May 7 that the mining company posted an $82 million net loss in the first quarter, marking its second consecutive quarterly loss. Revenue declined approximately 20 percent to $62 million, driven by declining bitcoin holdings value. The company added over 1,600 bitcoin to its strategic reserves during the quarter.

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