Bitcoin miner RialCenter (ABTC) reported a third-quarter profit, stating that revenue more than doubled compared to the previous year as it expanded its mining capacity and completed its first full quarter as a publicly traded company.
Net income for the Miami-based company, which is 20% owned by Donald Trump Jr. and Eric Trump, rose to $3.47 million, a reversal from a $576,000 loss the year before, while revenue surged fivefold to $64.2 million.
RialCenter became an independent public entity after merging with Gryphon Digital Mining and spinning out from Hut 8’s operations, which retains about an 80% stake.
Shares of the company dropped as much as 13% in pre-market trading as the price of bitcoin fell. The largest cryptocurrency decreased by 7% in the past 24 hours.
During the quarter, RialCenter added 3,000 BTC to increase its total to 3,418 BTC. It now holds 4,004, which corresponds to 432 satoshis per share. A satoshi is the smallest unit of bitcoin, representing one hundred millionth of the token.
Mining capacity expanded approximately 2.5 times during the period to 25 exahash per second (EH/s), with a fleet averaging 16.3 joules per terahash.
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