Abits Group reports Q3 revenue $1.26M

Abits Group (ABTS) announced its operational updates for the third quarter of 2024. Operational Highlights: The Company’s mining fleet comprises: 1,370 units of S19 Hydro XP; 305 units of S19J Pro; 300 units of T21; 500 units of S19 XP. Key performance metrics for Q3 2024: Weighted average fleet efficiency: 21.19 J/TH; Maximum hash rate achieved: approximately 430 PH; Mining output: 19.54 bitcoins. Financial Performance: Revenue from operations : $1.26 million for Q3; Year-to-date revenue from operations: $ 4.93 million; Total electricity expenditure for Q3: $0.58 million. Strategic Developments The Company has implemented several strategic initiatives during Q3: Infrastructure Enhancement: Expanded Duff Site power capacity from 10 MW to 12 MW, completed by Oct 2024; Reduced curtailment capacity from 95% to 87.5%, projecting increased revenue from Q4; Installed two water wells with supporting equipment scheduled for Q4 completion. Operational Excellence: Implemented proprietary monitoring software for the Duff site; Enhanced site disruption response capabilities through in-house developed solutions; Executed NDA for potential acquisition of a new 10MW site in Missouri. “The Company continues to enhance its operational efficiency and management capabilities while actively pursuing new expansion opportunities,” stated Conglin Deng, CEO. “In the post-halving environment, our focus on cost optimization remains crucial for achieving our annual targets. Our positive operating cash flow and robust cash reserves position us well for strategic implementation. We are pleased to announce the upcoming deployment of 500 units of Antminer S19 XP in October, which is expected to increase our hash rate by 70PH. This expansion will drive our maximum overall hash rate capacity beyond 500 PH during the fourth quarter. Additionally, we are actively evaluating further expansion opportunities,” added Mr. Deng.