American Bitcoin reported third-quarter net income of about $126 million, swinging from a $57.2 million loss in the second quarter, with a $197.3 million gain on its digital assets doing most of the work. Mining revenue fell about 5% to $63.4 million, it mined roughly 891 BTC at around $42,100 each, and its reserve rose to 8,427 BTC at the end of September.
Why it mattersIt shows how accounting for held bitcoin can swing a miner's profit more than its mining operations do.
Glossary
- Fair-value accounting
- Recording held crypto at its market price each quarter, so price moves show up as gains or losses even though nothing was sold.
News summary written by fadeCT from the linked reporting. Not financial advice. The fadeCT take, when present, is opinion.