Trump American Bitcoin Crypto Lost $45M. Here’s What the Math Actually Shows.

The core problem is structural. American Bitcoin’s average cost to mine one Bitcoin sits at approximately $68,000 per coin, against a spot price that briefly touched $81,425, leaving a razor-thin margin that evaporates the moment energy costs spike or hashrate efficiency lags.
The firm’s fleet efficiency stands at 18 J/TH, compared to Marathon Digital’s 14 J/TH, meaning ABTC burns meaningfully more power per unit of computational work. That gap compounds daily.
Revenue dropped 41% year-over-year in Q1 2026, and operational hashrate fell from 10 EH/s to 7.2 EH/s – a 28% contraction that directly cut Bitcoin output.
The company mined 4,500 BTC across all of 2025 at that $68,000 average cost, according to company filings, while simultaneously carrying $200 million-plus in debt servicing from Texas and Wyoming facility expansions.
Q4 2025 alone produced a $59.5 million net loss on a $70 million equipment impairment as Bitcoin dropped 23% from $105,000 to $81,000.
Energy costs are the structural anchor. Glassnode data puts ABTC’s average energy rate at approximately $0.045/kWh, the upper ceiling of what domestic miners can sustain in the current post-halving epoch.
That is not bad luck. That is the April 2024 halving working exactly as designed, cutting block rewards in half while U.S. energy costs have risen 35% since 2025, per TipRanks analyst James Thorne’s February 28, 2026 assessment.
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