This text first appeared in Miner Weekly, Blocksbridge Consulting’s weekly publication curating the newest information in bitcoin mining and information evaluation from Theminermag.
American Bitcoin Corp (ABTC), the brand new proprietary Bitcoin mining carve-out from Hut 8, backed by Eric Trump and Donald Trump Jr., is taking form because it prepares to go public.
The corporate just lately filed an S-4 registration assertion as a part of its merger with Gryphon Digital, providing contemporary perception into its financials, mining technique, and reliance on Chinese language-manufactured {hardware} because it goals to scale to 25 EH/s.
ABTC, formally launched on April 1, 2025, is the car by means of which Hut 8 is spinning off its self-mining enterprise, permitting the father or mother firm to concentrate on energy and information heart infrastructure. The submitting helps clarify why Hut 8 has stopped publishing month-to-month Bitcoin manufacturing updates since April.
In Q1 2025, ABTC mined 135 BTC, in step with what Hut 8 had produced from its proprietary operations (excluding its share of joint ventures) previous to the spin-off. As of Could 31, ABTC held about 215 BTC in reserves.
ABTC at present owns 10.17 EH/s of hashrate capability hosted at Hut 8’s amenities, powered by a mixture of Bitmain’s S21 collection and MicroBT’s M5X and M6X collection miners. However its most formidable progress lever comes from a 15 EH/s internet hosting deal that Hut 8 initially signed with Bitmain final 12 months. Beneath the settlement, Hut 8 dedicated to constructing out internet hosting infrastructure tailor-made for Bitmain’s new U3S21EXPH programs—machines that ship 860 PH/s every. As soon as the buildout is full, Hut 8 holds an choice to buy your entire {hardware} set.
Hut 8 had beforehand withheld pricing particulars on the deal when it was introduced in September. The S-4 submitting now discloses that the utmost buy worth for the 17,280 U3S21EXPH models is roughly $320 million, implying a value of about $21/TH/s earlier than tariffs and duties. Hut 8 retains the fitting to trigger ABTC to accumulate the total batch of machines to drive future progress.
If absolutely executed, this buy path would put ABTC on observe to exceed 25 EH/s in capability—inserting it among the many high publicly traded Bitcoin miners globally.
One other noteworthy disclosure within the submitting is ABTC’s direct manufacturing price for the 135 BTC mined in Q1, which totaled $11.65 million (excluding depreciation and amortization), or $86,303 per BTC. This determine both displays Hut 8’s higher-than-peer-average energy and upkeep price or is meant to bolster Hut 8’s recurring internet hosting income from ABTC as Hut 8 pivots away from proprietary mining.
Nonetheless, ABTC’s progress plans could face geopolitical headwinds. The S-4 submitting notes the corporate’s dependence on imported Bitcoin mining tools and flags the danger of upper U.S. tariffs on mining {hardware} made by Chinese language firms.
“Whereas the ultimate scope and software of just lately introduced adjustments in U.S. commerce coverage stays unsure presently, larger tariffs on imports and subsequent retaliatory tariffs may adversely influence ABTC’s skill to import tools at ranges which might be price efficient,” the submitting states.
It stays to be seen how an organization with American in its title will adapt to such shifting geopolitical dynamics, as its complete fleet, a minimum of for now, depends on Chinese language suppliers.
This text is from Theminermag, a commerce publication for the cryptocurrency mining trade, specializing in the newest information and analysis on institutional bitcoin mining firms. The unique article could be considered right here.
