Abits Group Inc. Achieves Strong Growth and Expansion in Q1 2024, Sets Stage for Continued Progress in Q2
May 22 2024 - 4:05PM
Abits Group Inc. (NASDAQ: ABTS), a leading digital data center
operator specializing in Bitcoin self-mining operations in the
United States, is pleased to announce significant achievements and
expansion initiatives for the first quarter of 2024, setting the
stage for sustained growth throughout the year.
During Q1 2024, Abits Group saw a substantial
growth in its Bitcoin mining capacity. The company’s hash rates
surged from approximately 285 PH/s at the beginning of the quarter
to nearly 325 PH/s by its end, driven the successful launch of new
production lines. For Q2, Abits Group anticipates further growth,
projecting hash rates to exceed 360 PH/s with the introduction of a
new Hydro Dry-Cooled line.
In addition to operational accomplishments,
Abits Group completed key infrastructure projects in Q1, including
the expansion of a 1 MW facility in March and the construction of a
100,000-gallon water reservoir to enhance production stability.
This strategic investment ensures uninterrupted operations during
maintenance cycles, reducing downtime and optimizing
efficiency.
The workforce at the LaFollette site remains
stable, with four dedicated employees who continually enhance their
expertise to support Abits Group's objectives.
Looking forward to Q2, Abits Group is actively
negotiating with its power provider to secure an additional 2 MW of
power capacity, transitioning to a dynamic 24/7 operation by July
1, 2024. This transition will significantly boost operational
efficiency and flexibility.
The company recently acquired a 55-acre property
in Wisconsin for the build out of a new 20 MW site. Construction is
set to begin in Q2 and continue through Q4, reinforcing the
company's infrastructure to meet the increasing demand.
Forrest Deng, CEO of Abits Group Inc. stated "We
are delighted with the stable performance and expansion achieved
during Q1 2024, positioning Abits Group for continued success in Q2
and beyond. These strategic investments and operational
enhancements underscore our commitment to innovation and efficiency
as we expand our digital data center operations."
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/
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.
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