Hong Kong, Aug. 05, 2024 — 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.

The company mined 24.09 bitcoins this quarter, down from 36.9 bitcoins in the first quarter. This decrease was primarily due to the halving of mining rewards in late April. Despite this, the company achieved a higher hash rate of 360 PH/s in the second quarter, driven by new production coming online. Abits Group anticipates reaching a hash rate of approximately 400 PH/s in the next quarter.

The improvement in the hash rate can be attributed to the company’s adoption of hydro cooling in its new production lines. This energy-efficient cooling method, which uses water instead of air fans, reduces noise and dust pollution. The 100,000-gallon water reservoir completed in the first quarter ensured uninterrupted production during water maintenance shutoffs.

As previously announced, the company acquired a 55-acre property in Bloomer, Wisconsin in April for $0.65 million. Abits Group plans to construct a new 22MW site on the property, with potential for expansion to 35MW. All necessary approvals are expected to be secured by the second half of the third quarter, allowing construction to begin and be completed by the first quarter of 2025.

Despite industry challenges, the company remains confident in the bitcoin mining industry and will continue to explore additional 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 or email .

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