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Public miner audit · Oct 12, 2026 · 5 min read

American Bitcoin in the first half of 2026: 4.8¢ per kWh all-in, and $36,400 per bitcoin

American Bitcoin owns its miners and pays Hut 8 one all-in fee to host them, power included. We read its filings for the first half of 2026: 1,749 BTC mined, an estimated 4.8¢ per kWh all-in, and $36,400 per bitcoin before overheads.

Firsthand public miner audit card: American Bitcoin, first half of 2026, 4.8¢ per kWh all-in

TL;DR

What they reported

American Bitcoin Corp. (Nasdaq: ABTC) is a US filer with a calendar year. It reports quarterly: a 10-Q for the first quarter and a 10-Q for the second, each with an earnings release (Q1, Q2). Its annual report for 2025 sets out the agreements behind its costs.

Hut 8 owns most of it. American Bitcoin owns miners and no sites: every machine runs at one of five Hut 8 sites, in New York, Texas and Alberta, under an exclusive colocation agreement. It mines bitcoin only, in a single segment, with no hosting for others and no AI business. Alongside mining it buys bitcoin with money raised from share sales, and it pays for new miners by pledging bitcoin to Bitmain.

The operating fleet was 21.9 EH/s at 14.1 J/TH through the first quarter. In April about 11,300 new machines (3.05 EH/s at 13.5 J/TH) came online at Drumheller, taking it to 25.0 EH/s at 14.1 J/TH. The company owns 28.1 EH/s in total, so part of the fleet it owns is not running.

The power bill

American Bitcoin does not buy power itself. Under its Master Colocation Services Agreement with Hut 8 it pays a fixed monthly charge for each site, rising 3% a year, plus 100% of Hut 8's facility costs. The agreement defines those to include "all power charges", substation upkeep, utilities, property tax and insurance. Power passes through at Hut 8's cost, and no rate per kWh is set in the agreement or disclosed in any filing. This colocation fee is an all-in hosting fee: the same kind of arrangement a hosted owner has.

In the accounts the fixed charge appears as operating lease cost and the pass-through costs as variable lease cost. Together they equal cost of revenue almost to the dollar: $29.6 million in the first quarter and $34.0 million in the second. Power cannot be separated from the rest of the fee, so the whole of cost of revenue counts here as the power bill. No curtailment or demand-response credits are disclosed. The agreement says Hut 8's charges already reflect its part in those programmes.

The company does not report energy use either, so we estimated it. The bitcoin it mined, grossed up for a 2% pool fee and divided by the network's hashprice over each quarter, gives the hashrate that actually ran: 20.5 EH/s in the first quarter and 22.7 EH/s in the second. At 14.1 and 14.0 J/TH that is about 625,900 MWh and 695,300 MWh. The power bill comes to an estimated 4.7¢ per kWh in the first quarter, 4.9¢ in the second and 4.8¢ over the half.

Everything else it takes to run the sites

Site staff, repairs, property tax and hosting fees are all inside the Hut 8 charge, so nothing is left to add, and the all-in rate equals the power rate: 4.8¢ per kWh for the half.

General and administrative costs were $6.9 million in the first quarter and $7.7 million in the second. Without stock-based pay ($0.3 million and $0.8 million), and with all revenue coming from mining, all of it is allocated to mining. That gives a loaded rate of 5.8¢ per kWh in the first quarter, 5.9¢ in the second and 5.8¢ over the half. Hut 8 also bills a management fee ($3.1 million and $3.4 million) and a back-office fee (about $0.9 million a quarter). The filings do not say which line of the income statement carries the management fee.

What a bitcoin cost them

All-in, each bitcoin cost $36,200 in the first quarter and $36,500 in the second. The company publishes the same figure as its "cost to mine": about $36,200 and $36,500 per bitcoin. Both are cost of revenue divided by bitcoin mined, so they agree. With overheads the figure rises to $44,300 and $43,900, or $44,700 for the half once stock-based pay is added.

Revenue per bitcoin mined fell from $76,000 to $71,900 as bitcoin's price fell, while cost per bitcoin barely moved. Over the half each bitcoin brought in $73,800 against $36,400 all-in.

PeriodBitcoin minedPower ¢/kWhAll-in ¢/kWhLoaded ¢/kWhPower $/BTCAll-in $/BTCLoaded $/BTCRevenue $/BTC
Q1 20268174.7¢ est.4.7¢ est.5.8¢ est.$36,200$36,200$44,300$76,000
Q2 20269324.9¢ est.4.9¢ est.5.9¢ est.$36,500$36,500$43,900$71,900
H1 20261,7494.8¢ est.4.8¢ est.5.8¢ est.$36,400$36,400$44,100$73,800
American Bitcoin, first half of 2026. Power and all-in are the same because the Hut 8 colocation fee covers power and site costs together. Rates per kWh use estimated energy use. Loaded adds cash general and administrative costs. Rounded to 0.1¢ and $100.

The hardware

Depreciation was $26.6 million in the first quarter and $28.2 million in the second, all of it on miners, since the company owns no sites. There were no impairments. Mining capex was $12.6 million and $14.0 million, almost all of it non-cash: 80% of the Drumheller machines' price was paid by pledging 314 BTC to Bitmain, and part of it was booked as options rather than equipment.

We keep these out of cost per bitcoin. A machine is the roof over the operation, not what each bitcoin costs to make (why we see it that way). They are shown in full here so nothing is hidden.

PeriodDepreciation and amortisationImpairmentsMining capex
Q1 2026$26.6m$0$12.6m
Q2 2026$28.2m$0$14.0m
H1 2026$54.9m$0$26.6m
Capex is the miners added: mostly non-cash, paid by pledging bitcoin to Bitmain, plus a $0.4 million cash deposit in the first quarter. The second quarter is the half year minus the first.

What it means

American Bitcoin mined 1,749 BTC in the first half at an estimated 4.8¢ per kWh all-in, paid as one fee to the company that hosts its machines. Hosting at Firsthand's sites runs from 3.9¢ to 6.5¢ per kWh all-in, on our sites page, under the same kind of arrangement.

Mining output depends on bitcoin's price, difficulty and uptime, and isn't guaranteed.

This is our analysis of the company's public filings, not an audit in the accounting sense.

Method and sources

Every reported figure comes from the two 10-Qs, the colocation terms from the annual report and the agreement (filed June 2025), and the cost to mine from the earnings releases.

Energy use is estimated, because the company reports neither MWh nor a rate per kWh. We grossed up bitcoin mined by a 2% pool fee (the company says its pool fees are below 1%, so this slightly favours it) and divided by the network's hashprice summed over each quarter. That gives the hashrate that ran: 20.5 EH/s and 22.7 EH/s, against operating capacity of 21.9 EH/s and 25.0 EH/s. We multiplied by fleet efficiency: 14.1 J/TH for the first quarter, as the company reports, and 14.0 J/TH for the second, blending in the 13.5 J/TH Drumheller machines from their April start.

Caveats. The power figure is the whole colocation fee, so it includes site costs as well as electricity. Hut 8 owns most of American Bitcoin and sets the charges. The fixed charge is expensed on a straight line, so what Hut 8 billed ($27.7 million and $31.7 million) differs from cost of revenue. Capex is mostly non-cash.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware. This is our analysis of the company's public filings, not an audit in the accounting sense, and it is not investment advice. Every reported figure links to the filing it comes from; figures we estimated are labelled, with their inputs. No company paid for or reviewed this page. Corrections are published with the date they were made.