Abits Group Reports continued growth in Q2
Rhea-AI Summary
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.
Positive
- Increased hash rate to 360 PH/s in Q2, with expected growth to 400 PH/s in Q3
- Introduction of hydro cooling for improved energy efficiency
- Acquisition of 55-acre property in Wisconsin for $0.65 million
- Plans to build a new 22MW site, expandable to 35MW
Negative
- Mining output decreased to 24.09 bitcoins in Q2 from 36.9 in Q1 due to halving event
News Market Reaction
On the day this news was published, ABTS gained 11.42%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Abits Group Inc (NASDAQ: ABTS), a leading data center operator specializing in bitcoin mining operations in the United States, is pleased to report its continued progress in the second quarter of 2024.
Mining output in this quarter was 24.09 bitcoins, compared with 36.9 bitcoins in the first quarter, the decline largely attributed to the halving of mining rewards in late April. This decrease occurred despite the Company achieving a higher hash rate in the second quarter of 360 PH/s as new production was brought online. We expect to hit a hash rate of about 400 PH/s in the next quarter.
The improvement in the hash rate is attributed to the Company’s decision to introduce hydro cooling in its new production lines. This alternative cooling method, instead of the use of air fans, has the advantage of being more energy-efficient and less pollutive in terms of noise and dust. The 100,000-gallon water reservoir completed in Q1 enabled production to remain uninterrupted during the water maintenance shutoffs.
As previously reported, the Company acquired a 55-acre property in the town of Bloomer, Chippewa County in Wisconsin in April at a cost of
The Company has reaffirmed its confidence in the bitcoin mining industry despite industry challenges and will continue to explore other revenue streams to maximize returns.
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 email 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
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