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Abits Group Inc (NASDAQ: ABTS) is a U.S.-based digital data center operator specializing in Bitcoin self-mining operations. Originally known as Moxian (BVI) Inc, the company changed its name to Abits Group Inc in November 2023 to better reflect its core business transformation. This name change coincided with the launch of a new mining center in Tennessee, driven by innovative and sustainable hydro-power.
Founded in the British Virgin Islands in May 2021, Abits Group Inc emerged from its merger with Moxian, Inc. in August 2021. The company, through its wholly-owned subsidiary ABIT USA, Inc., operates state-of-the-art self-mining facilities in Tennessee and maintains additional operations in Beijing and Hong Kong.
The company's latest mining center, located in Duff, Tennessee, became operational in October 2023. Equipped with 1180 units of S19XP Hydro miners and 400 units of S19J Pro miners, the facility reached a maximum mining hash rate of 298 PH/s by the end of 2023. During the fourth quarter of 2023, Abits Group produced 43.94 Bitcoins, including contributions from a facility in Kazakhstan.
Abits Group Inc is committed to growth and innovation. In Q1 2024, the company expanded its Bitcoin mining capacity significantly, with hash rates increasing from 285 PH/s to nearly 325 PH/s. The company anticipates further growth, projecting hash rates to exceed 360 PH/s with the launch of a new Hydro Dry-Cooled line.
Beyond mining operations, Abits Group has completed significant infrastructure projects, including a 1 MW facility expansion and the construction of a 100,000-gallon water reservoir to ensure production stability. The company also acquired a 55-acre property in Wisconsin for a new 20 MW site, expected to begin construction in Q2 2024.
Abits Group's operational efficiency and commitment to innovation are evident in its ongoing negotiations to secure additional power capacity, aiming for a dynamic 24/7 operation by mid-2024. The company's strategic investments and robust infrastructure position it for sustained growth and success in the competitive Bitcoin mining industry.
For more information, visit www.abitsgroup.com or contact their IR department at ir@abitgrp.com.
Abits Group (NASDAQ: ABTS) released its Q3 2024 operational updates, reporting mining output of 19.54 bitcoins (down from 24.1 in Q2) and revenue of $1.26 million. The company's mining fleet includes 1,370 S19 Hydro XP units, 305 S19J Pro units, 300 T21 units, and 500 S19 XP units scheduled for October deployment. Key metrics include a 21.19 J/TH fleet efficiency and approximately 430 PH maximum hash rate. Strategic developments include expanding Duff Site power capacity to 12 MW, reducing curtailment capacity to 87.5%, and implementing infrastructure improvements. The company maintains positive operating cash flow and plans to deploy additional mining units to exceed 500 PH hash rate in Q4.
Abits Group (NASDAQ: ABTS) has announced the deployment of 500 S19XP Bitcoin mining machines at its Duff, Tennessee facility. This expansion will add 70,500 terahashes (TH) to the company's operational capacity. The new machines are expected to be fully operational by the end of October 2024, strengthening the company's position in U.S. Bitcoin mining operations.
Abits Group (NASDAQ: ABTS), a bitcoin mining and related services company, has announced its 2024 annual meeting of shareholders. The meeting is scheduled for December 10, 2024, at 11:00 A.M. Hong Kong Time (10:00 P.M. Eastern Time on December 9, 2024) at Level 24, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong SAR, China.
Shareholders of record as of October 23, 2024 will be eligible to vote at the meeting. While the company doesn't provide shareholders with the right to put proposals before annual meetings, shareholders can submit proposals for consideration in a proxy statement. The deadline for receiving such proposals is October 23, 2024. Proposals can be submitted by mail to the company's address or by email to yf@abitgrp.com.
Abits Group Inc (NASDAQ: ABTS), a bitcoin mining company operating in the United States, has received an extension from NASDAQ to comply with its minimum bid price requirement. The company now has an additional 180 calendar days, until April 7, 2025, to meet the compliance standards.
To regain compliance, Abits Group's common shares must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days before the new deadline. This extension provides the company with more time to address its stock price issues and maintain its NASDAQ listing.
Abits Group Inc (NASDAQ: ABTS) reported its unaudited financial results for the first half of 2024. The company's revenue grew to $3.67 million, comprising 61.5 bitcoins, compared to the previous period when there was no production. Gross profit from mining operations was $0.75 million, with direct costs of revenue at $2.68 million. The company reported a loss before tax of $0.14 million, an improvement from the $3.5 million loss in the previous period.
Administrative and general overheads nearly doubled to $1.11 million due to increased staffing and operational costs. The company improved its water supply and implemented hydro cooling for new machines. Cash and cash balances decreased to $0.4 million as of June 30, 2024. With the halving of mining rewards in April, production output is expected to be lower for the rest of 2024. The company aims to secure more hosting contracts to improve revenue.
Abits Group Inc. (ABTS), a leading global Bitcoin mining enterprise, has appointed Christopher Silva as Vice President of HR and Business Development, effective May 1, 2024. With over 30 years of experience in human capital management, talent acquisition, and business development, Silva brings expertise in Blockchain technology, data center site selection, and operations management.
Silva's career highlights include serving as VP of Business Development at Bitmain/Bitdeer, where he acquired and launched data centers in North America, and as a founding member of GRIID Infrastructure His role at Abits Group will involve overseeing HR operations, driving talent acquisition, and spearheading business development efforts to support the company's growth in the dynamic Bitcoin mining industry.
Abits Group (NASDAQ: ABTS), a leading data center operator specializing in bitcoin mining in the US, reported continued growth in Q2 2024. Despite a decrease in mining output to 24.09 bitcoins from 36.9 in Q1 due to the halving event, the company achieved a higher hash rate of 360 PH/s. Abits expects to reach 400 PH/s in Q3.
The company introduced hydro cooling in new production lines, improving energy efficiency. A 100,000-gallon water reservoir ensured uninterrupted production. Abits acquired a 55-acre property in Wisconsin for $0.65 million, planning to build a 22MW site expandable to 35MW. Construction is set to begin in Q3 2024 for completion in Q1 2025. Despite industry challenges, Abits remains confident in bitcoin mining and seeks to diversify revenue streams.
Abits Group (NASDAQ: ABTS), a prominent Bitcoin self-mining operator, reported notable achievements in Q1 2024, anticipating further growth in Q2. The company's hash rates increased from 285 PH/s to 325 PH/s by the end of Q1, driven by new production lines. For Q2, projections indicate hash rates will surpass 360 PH/s with a new Hydro Dry-Cooled line. Key infrastructure projects were completed, including a 1 MW facility expansion and a 100,000-gallon water reservoir. The workforce remains stable, and negotiations are underway to secure an additional 2 MW of power. Additionally, a 55-acre property in Wisconsin was acquired for a new 20 MW site, with construction beginning in Q2. CEO Forrest Deng expressed satisfaction with Q1's performance and optimism for continued progress.
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