Abits Group Inc. Announces Operational Updates for The Third Quarter Ended September 30, 2024
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) ha pubblicato gli aggiornamenti operativi per il terzo trimestre del 2024, riportando una produzione mineraria di 19,54 bitcoins (rispetto ai 24,1 del secondo trimestre) e un fatturato di 1,26 milioni di dollari. La flotta mineraria dell'azienda comprende 1.370 unità S19 Hydro XP, 305 unità S19J Pro, 300 unità T21 e 500 unità S19 XP previste per il dispiegamento in ottobre. I principali indicatori includono un'efficienza della flotta di 21,19 J/TH e una hash rate massima di circa 430 PH. Gli sviluppi strategici comprendono l'espansione della capacità elettrica del sito di Duff a 12 MW, la riduzione della capacità di limitazione al 87,5% e l'implementazione di miglioramenti infrastrutturali. L'azienda mantiene un flusso di cassa operativo positivo e prevede di dispiegare ulteriori unità minerarie per superare i 500 PH di hash rate nel quarto trimestre.
Abits Group (NASDAQ: ABTS) publicó sus actualizaciones operativas del tercer trimestre de 2024, reportando una producción minera de 19,54 bitcoins (bajando de 24,1 en el segundo trimestre) y un ingreso de $1,26 millones. La flota minera de la compañía incluye 1,370 unidades S19 Hydro XP, 305 unidades S19J Pro, 300 unidades T21 y 500 unidades S19 XP programadas para despliegue en octubre. Las métricas clave incluyen una eficiencia de flota de 21,19 J/TH y una tasa de hash máxima de aproximadamente 430 PH. Los desarrollos estratégicos incluyen la expansión de la capacidad eléctrica del sitio de Duff a 12 MW, la reducción de la capacidad de reducción al 87,5% y la implementación de mejoras en la infraestructura. La empresa mantiene un flujo de efectivo operativo positivo y planea desplegar unidades mineras adicionales para superar los 500 PH de tasa de hash en el cuarto trimestre.
Abits Group (NASDAQ: ABTS)는 2024년 3분기 운영 업데이트를 발표하며, 19.54 비트코인의 채굴 생산량(2분기의 24.1에서 감소) 및 $1.26 백만의 수익을 보고했습니다. 회사의 채굴 함대에는 1,370개의 S19 Hydro XP 장비, 305개의 S19J Pro 장비, 300개의 T21 장비 및 10월 배치를 위해 예정된 500개의 S19 XP 장비가 포함되어 있습니다. 주요 지표로는 21.19 J/TH의 함대 효율성과 약 430 PH의 최대 해시 속도가 있습니다. 전략적 발전 사항으로는 Duff 사이트의 전력 용량을 12 MW로 확장하고, 감축 용량을 87.5%로 줄이며, 인프라 개선을 시행하는 사항이 포함됩니다. 회사는 긍정적인 운영 현금 흐름을 유지하고 있으며, 4분기에는 500 PH 이상의 해시 속도를 초과하기 위해 추가 채굴 장비를 배치할 계획입니다.
Abits Group (NASDAQ: ABTS) a publié ses mises à jour opérationnelles pour le troisième trimestre 2024, signalant une production minière de 19,54 bitcoins (en baisse par rapport à 24,1 au deuxième trimestre) et un chiffre d'affaires de 1,26 million de dollars. La flotte minière de l'entreprise comprend 1 370 unités S19 Hydro XP, 305 unités S19J Pro, 300 unités T21 et 500 unités S19 XP prévues pour déploiement en octobre. Les indicateurs clés incluent une efficacité de flotte de 21,19 J/TH et un taux de hachage maximum d'environ 430 PH. Les développements stratégiques comprennent l'expansion de la capacité électrique du site de Duff à 12 MW, la réduction de la capacité de restriction à 87,5 % et la mise en œuvre d'améliorations d'infrastructure. L'entreprise maintient un flux de trésorerie d'exploitation positif et prévoit de déployer des unités de minage supplémentaires pour dépasser 500 PH de taux de hachage au quatrième trimestre.
Abits Group (NASDAQ: ABTS) veröffentlichte seine Betriebsupdates für das 3. Quartal 2024 und berichtete über eine Mining-Produktion von 19,54 Bitcoins (ein Rückgang von 24,1 im 2. Quartal) und einen Umsatz von 1,26 Millionen Dollar. Die Mining-Flotte des Unternehmens umfasst 1.370 S19 Hydro XP-Einheiten, 305 S19J Pro-Einheiten, 300 T21-Einheiten und 500 S19 XP-Einheiten, die für den Einsatz im Oktober geplant sind. Wichtige Kennzahlen sind eine Flottenschwankungsrate von 21,19 J/TH und eine maximale Hash-Rate von etwa 430 PH. Strategische Entwicklungen umfassen die Erweiterung der Stromkapazität des Duff-Standorts auf 12 MW, die Reduzierung der Drosselungsfähigikeit auf 87,5 % und die Umsetzung von Infrastrukturverbesserungen. Das Unternehmen hält einen positiven operativen Cashflow aufrecht und plant, zusätzliche Mining-Einheiten einzusetzen, um im 4. Quartal eine Hash-Rate von über 500 PH zu überschreiten.
- Expanded power capacity from 10 MW to 12 MW at Duff Site
- Reduced curtailment capacity from 95% to 87.5%
- Positive operating cash flow maintained
- Low electricity cost at $0.0351/kWh
- Planned hash rate increase beyond 500 PH with new equipment deployment
- Bitcoin mining output decreased 18.9% from Q2 (19.54 vs 24.1 bitcoins)
- Quarterly revenue of $1.26M indicates relatively modest operations scale
Insights
The Q3 performance reveals significant operational challenges with
The expansion of the Duff Site power capacity and reduction in curtailment rates are positive developments, but the current
The mining fleet diversification strategy shows promise, particularly with the hydro-cooling S19 Hydro XP units and upcoming S19 XP deployment. The fleet's efficiency at 21.19 J/TH is competitive but not industry-leading. The implementation of proprietary monitoring software and enhanced disruption response capabilities demonstrates good operational management.
The reduction in curtailment from
Hong Kong, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Abits Group Inc. (NASDAQ: ABTS), a leading data center operator specializing in Bitcoin mining operations in the United States, today announced its operational updates for the third quarter of 2024.
Operational Highlights
The Company's mining fleet comprises:
- 1,370 units of S19 Hydro XP (featuring hydro-cooling technology)
- 305 units of S19J Pro
- 300 units of T21
- 500 units of S19 XP (scheduled for deployment by end of October)
Key performance metrics for Q3 2024:
- Weighted average fleet efficiency: 21.19 J/TH
- Maximum hash rate achieved: approximately 430 PH
- Mining output: 19.54 bitcoins (compared to 24.1 bitcoins in Q2, reflecting the impact of April's halving event)
Financial Performance
- Revenue from operations :
$1.26 million for Q3 - Year-to-date revenue from operations:
$ 4.93 million - Total electricity expenditure for Q3:
$0.58 million (at$0.03 51/kWh)
Strategic Developments
The Company has implemented several strategic initiatives during Q3:
- Infrastructure Enhancement
- Expanded Duff Site power capacity from 10 MW to 12 MW, completed by Oct 2024
- Reduced curtailment capacity from
95% to87.5% , projecting increased revenue from Q4 - Installed two water wells with supporting equipment (pumps and filtration) scheduled for Q4 completion
- Expanded Duff Site power capacity from 10 MW to 12 MW, completed by Oct 2024
- Operational Excellence
- Implemented proprietary monitoring software for the Duff site
- Enhanced site disruption response capabilities through in-house developed solutions
- Executed NDA for potential acquisition of a new 10MW site in Missouri
- Implemented proprietary monitoring software for the Duff site
Management Commentary
"The Company continues to enhance its operational efficiency and management capabilities while actively pursuing new expansion opportunities," stated Conglin (Forrest) Deng, Chief Executive Officer of ABTS. "In the post-halving environment, our focus on cost optimization remains crucial for achieving our annual targets. Our positive operating cash flow and robust cash reserves position us well for strategic implementation."
"We are pleased to announce the upcoming deployment of 500 units of Antminer S19 XP in October, which is expected to increase our hash rate by 70PH. This expansion will drive our maximum overall hash rate capacity beyond 500 PH during the fourth quarter. Additionally, we are actively evaluating further expansion opportunities," added Mr. Deng.
About Abits Group Inc.
Abits Group Inc. (NASDAQ: ABTS) is a U.S.-based digital data center operator specializing in Bitcoin self-mining operations. For more information, please visit www.abitsgroup.com or contact 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 of 1995. 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.
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