American #bitcoin , the mining company linked to Donald Trump, reported a net profit of $126 million in its latest quarter, marking a major turnaround from previous periods. However, revenue fell to $63.4 million, below analysts’ expectations. The result is mainly explained by a decline in Bitcoin production combined with rising electricity costs over the summer, which significantly increased mining operating expenses. It’s an interesting case where the company is profitable on a net basis but fails to convince the market in terms of business volume. It’s worth asking whether these kinds of mixed results from major mining companies could put downward pressure on the price of BTC, or whether net profitability is a positive enough signal to sustain the market’s upward momentum.
What do you think? Let me know in the comments 👇