American Bitcoin posts a profit of $126 million. BTC Reserve Grows to 8,427 US Bitcoin reported a significant turnaround in Q3 results. The Bitcoin mining and aggregation company recorded approximately $126 million in net profit during the third quarter. Previous quarter: -$57.2 million The biggest driver was a $197.3 million gain on the value of its digital assets. But the mining operation also continued to expand its bitcoin reserve. US Bitcoin ended the quarter with about 8,427 BTC, compared to 8,002 BTC three months earlier. During the third quarter the company: mined approximately 891 BTC.
Generated $63.4 million in mining revenue.
Increased Bitcoin holdings by about 425 BTC.
An increase of Satoshi per share by about 5%.
Operating about 28.1 EH/s of mining capacity, its average cost to mine one bitcoin rose to about $42,100, up from $36,500 in the second quarter, largely due to higher seasonal electricity costs. One detail in particular stands out: Bitcoin America says it did not issue shares through its ATM program or purchase bitcoins during the quarter. Its reserve is increased through mining operations. Important: The $126 million profit was largely influenced by the increase in the market value of Bitcoin. It is not entirely generated from mining revenue. But the company's strategy is becoming clear: mine bitcoins below the market price when possible. Sell enough production to cover operations. Continue to expand BTC reserve.