Abits Group Inc Announces Deployment of 500 S19XP Machines, Adding 70,500 TH to Operations

Rhea-AI Summary

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.

Positive

• Addition of 70,500 TH to operational capacity through new mining machines
• Expansion of mining infrastructure with 500 state-of-the-art S19XP machines
• Strategic growth in U.S. mining operations

Negative

• None.

Insights

Crypto Mining Analyst

The deployment of 500 S19XP miners represents a significant operational expansion for ABTS, adding 70,500 TH/s to their hash rate capacity. The S19XP is among the most efficient ASIC miners available, typically achieving around 141 TH/s per unit with improved power efficiency compared to older models. This expansion indicates strong operational execution and suggests potential revenue growth, particularly with Bitcoin's current price momentum and the upcoming halving event.

For a company with a $15.2M market cap, this deployment represents a substantial capital investment, likely in the $2-3M range at current market prices. The Tennessee location benefits from relatively low electricity costs, which is important for maintaining profitable operations. The timing of full deployment by October 2024 positions ABTS to capitalize on potential post-halving market dynamics.

Hong Kong, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Abits Group Inc. (NASDAQ: ABTS), a leading digital data center operator specializing in Bitcoin self-mining operations in the United States, is pleased to announce the deployment of 500 state-of-the-art S19XP mining machines at its Duff, Tennessee site. These new additions will enhance the company’s total hash rate by 70,500 terahashes (TH), significantly boosting operational capacity.

The S19XP machines, recognized for their efficiency and performance in Bitcoin mining, are scheduled to be fully operational by the end of October 2024. This strategic expansion marks a pivotal step in Abits Group’s continued growth and commitment to strengthening its position as a key player in the U.S. Bitcoin mining landscape.

About Abits Group Inc.

Abits Group Inc. (NASDAQ: ABTS) is a U.S.-based digital data center operator specializing in Bitcoin self-mining operations. Focused on innovative technologies and operational excellence, Abits Group is dedicated to expanding its footprint in the Bitcoin mining industry. For more information, please visit www.abitsgroup.com or contact us at ir@abitgrp.com.

Safe Harbor Statement 

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan, ”believe,” “potential, ”continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

FAQ

How many new mining machines is Abits Group (ABTS) deploying in Tennessee?

Abits Group is deploying 500 S19XP mining machines at its Duff, Tennessee site.

How much additional hash rate will ABTS gain from the new S19XP deployment?

The deployment will add 70,500 terahashes (TH) to Abits Group's operational capacity.

When will ABTS complete the deployment of new S19XP mining machines?

The S19XP machines are scheduled to be fully operational by the end of October 2024.

Where is Abits Group (ABTS) deploying its new mining machines?

Abits Group is deploying the new mining machines at its facility in Duff, Tennessee.