Abits Group Secures $3M Loan to Double Bitcoin Mining Capacity

An announcement from Abits Group ( (ABTS) ) is now available.

Abits Group Inc announced that its subsidiary, Abit USA, secured a $3 million loan to fund the purchase of Antminer S19XP machines for expanding its bitcoin mining operations in Memphis, Tennessee. This expansion is expected to double the mining capacity by early April 2025, increasing power capacity from 10MW to 22MW. Additionally, the company has renegotiated its Hosting Agreement to secure improved terms, which are anticipated to enhance cash flows and contribute to earnings at the EBITDA level over the next three years.

More about Abits Group

Abits Group Inc, formerly known as Moxian (BVI) Inc, is a digital company based in the British Virgin Islands. It operates in the bitcoin mining and related services industry, with self-mining operations located in Tennessee, USA, through its wholly owned subsidiary, Abit USA, Inc.

YTD Price Performance: -67.68%

Average Trading Volume: 22,506

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $7.92M

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