American coin mining companies have recorded significant losses in their quarterly results. They reportedly had revenue of $62 million with losses exceeding $81 million. It’s said to be 17% worse than analyst expectations, with a per-share loss of $0.08. As cryptocurrency prices dropped about 22% during the quarter, most of the loss appears to come from the unrealized market value loss of their Bitcoin holdings.

Interestingly, mining costs are improving. The mining cost for American coins decreased from $46,900 at the end of last year to $36,200 in the first quarter of this year, a 23% reduction. Mining capacity also increased to 28.1 exahashes, and with a new mining facility in Alberta coming online, it seems they are effectively diversifying production. They also reportedly manage energy costs more efficiently.

During the quarter, American coin added an additional 1,620 Bitcoins to its holdings, increasing the total to 7,021 BTC. That’s a 30% increase in three months. They acquired 817 through mining and 803 through open market purchases. They are now the 16th largest Bitcoin holder among publicly traded companies worldwide.

While other mining companies are shifting their focus to AI and high-performance computing and selling Bitcoin, American coin is continuing to accumulate Bitcoin. Whether this is a long-term strategy or a move to anticipate price recovery is unclear, but it’s an interesting contrast. With Bitcoin currently trading in the $80,000 range, mining profitability doesn’t seem too bad.