American Bitcoin Q3 Profit: $126M, but Mining Earned $25.8M
American Bitcoin reported a Q3 2026 profit of about $126 million on November 4, but the mining business did not earn it. Gross profit was only about $25.8 million. Headlines such as Bitcoin Magazine’s tie the rest to a roughly $197 million gain on its bitcoin holdings.
What the American Bitcoin Q3 results say
The numbers below come from the company’s own earnings release filed with the SEC. They are company figures, not audited by us.
- Net income: about $126 million, against a net loss of about $57.2 million in Q2.
- Adjusted EBITDA: about $221 million, against a loss of about $45.0 million in Q2.
- Mining revenue: about $63.4 million, down from about $67.0 million.
- Bitcoin mined: about 891, down from about 932.
- Gross margin: about 41%, down from about 49%.
- Bitcoin held: about 8,427 at September 30, up about 425 in the quarter. About 3,090 of that is pledged for miner purchases under agreements with Bitmain.
The $197.3 million gain on digital assets appears in the company’s 10-Q, as far as we could confirm. It reflects the bitcoin price moving from about $59,847 to about $83,415 over the quarter, applied to the reserve. That is a paper gain. It is not cash from mining.
American Bitcoin profit: cost to mine rose, and that is the real signal
Cost to mine climbed to about $42,100 per bitcoin from about $36,500. The company blames higher seasonal power costs. Revenue per bitcoin mined was about $71,100. So the spread is still wide, about $29,000 a coin. But it shrank, and the company says it sold part of its production to cover operating costs.
This is a big fleet. American Bitcoin reports about 89,242 miners with about 28.1 EH/s at quarter-end. Even at that scale, power cost moved its margin by eight points in one quarter. A single-digit-machine operation has less room than that.
What American Bitcoin’s profit means for your miners
The American Bitcoin profit headline does not change the hashprice you earn. It only shows what a low-cost operator can do. The network is running at about 1030 EH/s per mempool.space. Here is the maths at today’s hashprice.
Miner math: what the hashprice pays an S19 today
Here is the live maths on November 5. Bitcoin is $80,500 and the network is 1030 EH/s, so hashprice is about $35.36 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.54 | -$2.88 | -$6.00 | 4.3c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.89 | -$1.01 | -$3.55 | 6.4c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.37 | -$0.79 | -$3.68 | 6.9c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $4.06 | $1.54 | -$1.83 | 9.8c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin falls 10% and the paper gains reverse: the break-even power price on an S19k Pro falls from 6.4 to 5.8 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.01 to -$1.42.
Here is the blunt part. Their power cost is far below a typical home or small-hosting rate. At 8 cents most older machines in the table above lose money, whatever American Bitcoin reports. If that is you, see our we buy used miners page. If you are buying, browse every miner in stock after you run your own power price.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.