American Bitcoin’s $126 Million Profit Rode Bitcoin’s Rally. Q4 Is Testing It

American Bitcoin, a miner co-founded by Eric Trump, released results following the Nov. 4 close of U.S. trading and reported a $126 million third-quarter profit, helped by a $197.3 million Bitcoin gain. Without that non-cash digital-asset gain, which reflected Bitcoin’s roughly 39% rise in the quarter, operations lost about $5.5 million; operating income including the gain was $191.8 million. Revenue slipped to $63.4 million from $67 million in the second quarter, gross margin fell to 41% from 49% as seasonal power costs rose, and mining one Bitcoin cost $42,100, up from $36,500. Bitcoin entered the fourth quarter at $83,553.85 and now trades near $80,705, which would imply an accounting loss of about $24 million at current prices.