The Trump-affiliated mining company American Bitcoin achieved a record output in the second quarter, with reduced losses.

BlockBeats News, August 3rd. The U.S.-listed Bitcoin mining company American Bitcoin released its second-quarter financial report, driven by an increase in mining output. The company achieved a record high quarterly output, revenue growth, and a narrowed net loss compared to the previous quarter.

The data shows that American Bitcoin mined 932 Bitcoins in the second quarter, driving a 8% year-on-year increase in mining revenue to $67 million, higher than the $62.1 million in the first quarter. The company's net loss was $57.2 million, a significant decrease from $81.8 million in the first quarter.

American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., is associated with the Trump family and currently the majority of its shares are held by the Bitcoin mining company Hut 8.

As of June 30th, the company held approximately 8,002 BTC and had reached an agreement with Bitmain to mortgage about 3,090 BTC as part of the arrangement. According to Bitcoin Treasuries data, American Bitcoin was ranked 16th among global Bitcoin reserve companies at that time.

Previously, due to the stock price falling below NASDAQ's minimum bid price requirement, American Bitcoin completed a 1-for-15 reverse stock split in July to maintain its listing qualification. The company's stock fell 6.4% last Friday, closing at $5.52. After the financial report was released, pre-market trading showed a slight increase.