ABITS GROUP DOUBLES CAPACITY TO 22MW
Rhea-AI Summary
Abits Group (NASDAQ: ABTS) has announced a major expansion of its Bitcoin mining operations through a new 10MW hosting facility in Memphis, Tennessee, doubling its mining capacity. The company has deployed 400 Antminer T21 units at its Duff operation, achieving a hash rate of approximately 500PH/s.
The Memphis facility, secured through a hosting agreement with 4545 S Mendenhall , will increase ABTS's total power capacity to 22MW and is expected to raise total output to approximately 1EH/s. The company has ordered 800 Antminer T21 units for delivery by January end, with an additional 1,350 units scheduled for deployment before the end of Q1 2025.
Positive
- Doubles mining capacity with new 10MW Memphis facility
- Total power capacity increases to 22MW
- Hash rate expected to reach 1EH/s from current 500PH/s
- Secured order of 2,150 new Antminer T21 units
Negative
- Significant capital expenditure required for equipment procurement
- Increased exposure to Bitcoin price volatility
News Market Reaction
On the day this news was published, ABTS declined 8.18%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Abits Group Inc. (NASDAQ: ABTS), a U.S.-based digital data center operator specializing in Bitcoin self-mining operations, today announced a significant expansion of its operations through a new 10MW hosting facility in Memphis, Tennessee, effectively doubling its mining capacity.
The Company has successfully completed the deployment of 400 units of Antminer T21 at its Duff operation which now runs a total hash rate of approximately 500PH/s. The Memphis addition, secured through a hosting agreement with 4545 S Mendenhall LLC, will increase the Company's total power capacity to 22 MW and is expected to raise the total output to approximately 1EH/s.
“This strategic expansion marks a pivotal moment in our growth trajectory” commented Phil Hicks, the General Manager (North America) “The new Memphis facility complements our existing operations in Tennessee and positions us to significantly enhance our mining capabilities in a region known for its competitive energy costs and reliable infrastructure.”
The Company has already initiated the first phase of miner procurement, with an order of 800 Antminer T21 for delivery by the end of January with the remaining 1,350 units scheduled for procurement and total deployment before the end of the first quarter of 2025.
The expansion aligns with the’ strategic vision to strengthen its position in the North America while maintaining operational efficiency and technological advancement.
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.
For further information, please contact:
Wanhong Tan
Chief Financial Officer
+852 9855 6575
ir@abitgrp.com
FAQ
What is ABTS's new total power capacity after the Memphis facility expansion?
How many new Antminer T21 units has ABTS ordered for its expansion?
What is ABTS's expected hash rate after the Memphis expansion?
When will ABTS complete the deployment of all new miners at the Memphis facility?
