6-K
Abits Group Inc (ABTS)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16
UNDERTHE SECURITIES EXCHANGE ACT OF 1934
Forthe month of August 2024
CommissionFile Number: 333-256665
AbitsGroup Inc
Level24, Lee Garden One, 33 Hysan Avenue, Causeway Bay
HongKong SAR, China
(Addressof principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.:
Form 20-F ☒ Form 40-F ☐
ExplanatoryNote:
On August 5, 2024, the Registrant issued a press release titled “Abits Group reports continued growth in Q2” A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K.
EXHIBITINDEX
| Exhibit | Description |
|---|---|
| 99.1 | Press release dated August 5, 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ABITS GROUP INC | ||
|---|---|---|
| Date:<br> August 5, 2024 | By: | /s/ Deng Conglin |
| Name: | Deng<br> Conglin | |
| Title: | Chief<br> Executive Officer |
Exhibit 99.1
AbitsGroup Reports continued growth in Q2
HongKong, August 5, 2024 (GLOBAL NEWSWIRE) — 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.
Mining output in this quarter was 24.09 bitcoins, compared with 36.9 bitcoins in the first quarter, the decline largely attributed to the halving of mining rewards in late April. This decrease occurred despite the Company achieving a higher hash rate in the second quarter of 360 PH/s as new production was brought online. We expect to hit a hash rate of about 400 PH/s in the next quarter.
The improvement in the hash rate is attributed to the Company’s decision to introduce hydro cooling in its new production lines. This alternative cooling method, instead of the use of air fans, has the advantage of being more energy-efficient and less pollutive in terms of noise and dust. The 100,000-gallon water reservoir completed in Q1 enabled production to remain uninterrupted during the water maintenance shutoffs.
As previously reported, the Company acquired a 55-acre property in the town of Bloomer, Chippewa County in Wisconsin in April at a cost of $0.65 million. The Company intends to build a new 22MW site, with options to expand to 35MW. All requisite approvals should be obtained by the latter half of Q3 to allow construction to begin for completion in the first quarter of 2025.
The Company has reaffirmed its confidence in the bitcoin mining industry despite industry challenges and will continue to explore other revenue streams to maximize returns.
AboutAbits 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 or email ir@abitgrp.com.
SafeHarbor Statement ****
Thisannouncement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities LitigationReform Act of1995. All statements other than statements of historical fact in this announcement are forward-looking statements. Theseforward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections aboutfuture 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 obligationto update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except asmay 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 differmaterially from the anticipated results.