Abits Group Inc. Stock Price, News & Analysis

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.

Abits Group Inc. (ABTS), a leading global Bitcoin mining enterprise, has appointed Christopher Silva as Vice President of HR and Business Development, effective May 1, 2024. With over 30 years of experience in human capital management, talent acquisition, and business development, Silva brings expertise in Blockchain technology, data center site selection, and operations management.

Silva's career highlights include serving as VP of Business Development at Bitmain/Bitdeer, where he acquired and launched data centers in North America, and as a founding member of GRIID Infrastructure His role at Abits Group will involve overseeing HR operations, driving talent acquisition, and spearheading business development efforts to support the company's growth in the dynamic Bitcoin mining industry.

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.

Abits Group (NASDAQ: ABTS), a prominent Bitcoin self-mining operator, reported notable achievements in Q1 2024, anticipating further growth in Q2. The company's hash rates increased from 285 PH/s to 325 PH/s by the end of Q1, driven by new production lines. For Q2, projections indicate hash rates will surpass 360 PH/s with a new Hydro Dry-Cooled line. Key infrastructure projects were completed, including a 1 MW facility expansion and a 100,000-gallon water reservoir. The workforce remains stable, and negotiations are underway to secure an additional 2 MW of power. Additionally, a 55-acre property in Wisconsin was acquired for a new 20 MW site, with construction beginning in Q2. CEO Forrest Deng expressed satisfaction with Q1's performance and optimism for continued progress.