Welcome to our dedicated page for Abits Group news (Ticker: ABTS), a resource for investors and traders seeking the latest updates and insights on Abits Group stock.
Abits Group Inc reports news centered on bitcoin self-mining, colocation hosting services and digital data center operations in Tennessee through Abit USA, Inc. Updates commonly cover operating results, bitcoin production, mining-site activity in Duff and Memphis, equipment and power capacity, hosting revenue and the effect of bitcoin prices and network economics on results.
Company announcements also include capital actions such as registered direct offerings, shareholder meeting notices and results, auditor ratification, board elections and other governance or capital-structure matters for the Nasdaq-listed, BVI-incorporated issuer.
Abits Group Inc (NASDAQ: ABTS) has secured a $3.0 million loan to expand its bitcoin mining operations in Memphis, Tennessee. The loan, carrying a 12% annual interest rate, will fund the purchase of new Antminer S19XP machines and is secured by assets in Duff, Tennessee.
The expansion project will double the company's mining capacity by increasing power capacity from 10MW to 22MW, with deployment expected by early April 2025. The Memphis hosting facility is scheduled to begin operations in Q2 2025.
The company has also successfully renegotiated its Hosting Agreement with a service provider for improved terms. The Memphis expansion is projected to generate additional EBITDA earnings over the next three years.
Abits Group Inc (NASDAQ: ABTS), a bitcoin mining company, announced significant changes to its share structure. The company's Board of Directors approved amendments to allow for an unlimited number of ordinary and preferred shares of no par value, effective February 17, 2025.
Additionally, ABTS approved a one-for-fifteen share consolidation to regain compliance with Nasdaq's minimum bid price requirement. Starting March 10, 2025, ABTS shares will trade on a split-adjusted basis under the same symbol but with a new CUSIP Number G6S34K113.
The consolidation will reduce outstanding ordinary shares from 35,554,677 to approximately 2,370,300 and preferred shares from 5,000,000 to 333,333. No fractional shares will be issued, and existing fractional shares will be redeemed by the company at the closing price on March 10, 2025.
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.
Abits Group (NASDAQ: ABTS), a digital data center operator specializing in bitcoin self-mining operations, announced the outcomes of its 2024 Annual Meeting of Shareholders held on December 10, 2024 in Hong Kong.
Shareholders elected Conglin (Forrest) Deng, Lionel Choong Khuat Leok, Tao Xu, Chuan Zhan, and Yanyan Sun to the Board of Directors.
Additionally, they ratified the appointment of Audit Alliance LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
Moreover, shareholders approved a share consolidation of the issued and outstanding shares of the Company’s ordinary shares at a ratio between one-for-six and one-for-fifteen. The exact ratio will be determined by the Board of Directors.
Abits Group (NASDAQ: ABTS) has signed agreements with Bitmain to acquire 400 additional Antminer T21 units for delivery by early December. This strategic move follows the return of 500 S19 XP units. The purchase will expand their Tennessee mining fleet to 2,375 units, including 1,370 Antminer S19 XP Hydro, 305 Antminer S19J Pro, and 700 Antminer T21 units. The T21 miners, featuring 190 TH/s hash rate and 19J/T power efficiency, will increase total hash power by 76 PH/s to over 500 PH/s.
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.