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American Bitcoin swings to $126 million Q3 profit on digital asset gains
American Bitcoin recorded net income of 126 million dollars for the three months ending September 30, reversing a 57.2 million dollar loss in the prior quarter. The bitcoin miner, co-founded by Eric Trump, said a 197.3 million dollar gain on digital assets offset weaker mining revenue and higher production costs. Adjusted EBITDA was 220.8 million dollars, compared with a 45 million dollar loss in the second quarter.
Mining revenue dropped 5.4 percent from the prior quarter to 63.4 million dollars, while bitcoin production decreased 4.4 percent to approximately 891 bitcoin. Production costs…
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