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 October 2024
CommissionFile Number: 333-256665
AbitsGroup Inc
Level11, 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 October 30, 2024, the Registrant issued a press release titled “Abits Group announces operational updates for the third-quarter ended September 30, 2024.” 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<br> release dated October 30, 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> October 30, 2024 | By: | /s/ Deng Conglin |
| Name: | Deng<br> Conglin | |
| Title: | Chief<br> Executive Officer |
Exhibit99.1
AbitsGroup Inc. Announces Operational Updates for The Third Quarter Ended September 30, 2024
HongKong, October 30, 2024 (GLOBE NEWSWIRE) — Abits Group Inc. (NASDAQ: ABTS), a leading data center operator specializing in Bitcoin mining operations in the United States, today announced its operational updates for the third quarter of 2024.
OperationalHighlights
The Company’s mining fleet comprises:
| ● | 1,370<br> units of S19 Hydro XP (featuring hydro-cooling technology) |
|---|---|
| ● | 305<br> units of S19J Pro |
| ● | 300<br> units of T21 |
| ● | 500<br> units of S19 XP (scheduled for deployment by end of October) |
Key performance metrics for Q3 2024:
| ● | Weighted<br> average fleet efficiency: 21.19 J/TH |
|---|---|
| ● | Maximum<br> hash rate achieved: approximately 430 PH |
| ● | Mining<br> output: 19.54 bitcoins (compared to 24.1 bitcoins in Q2, reflecting the impact of April’s halving event) |
FinancialPerformance
| ● | Revenue<br> from operations : $1.26 million for Q3 |
|---|---|
| ● | Year-to-date<br> revenue from operations: $ 4.93 million |
| ● | Total<br> electricity expenditure for Q3: $0.58 million (at $0.0351/kWh) |
StrategicDevelopments
The Company has implemented several strategic initiatives during Q3:
| 1. | Infrastructure Enhancement |
|---|---|
| ○ | Expanded<br> Duff Site power capacity from 10 MW to 12 MW, completed by Oct 2024 |
| --- | --- |
| ○ | Reduced<br> curtailment capacity from 95% to 87.5%, projecting increased revenue from Q4 |
| ○ | Installed<br> two water wells with supporting equipment (pumps and filtration) scheduled for Q4 completion |
| 2. | Operational Excellence |
| --- | --- |
| ○ | Implemented<br> proprietary monitoring software for the Duff site |
| --- | --- |
| ○ | Enhanced<br> site disruption response capabilities through in-house developed solutions |
| ○ | Executed<br> NDA for potential acquisition of a new 10MW site in Missouri |
ManagementCommentary
“The Company continues to enhance its operational efficiency and management capabilities while actively pursuing new expansion opportunities,” stated Conglin (Forrest) Deng, Chief Executive Officer of ABTS. “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.
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 contact [email protected].
SafeHarbor Statement
Thisannouncement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities LitigationReform Act of 1995. 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 obligation to update forward-looking statements to reflect subsequent occurring events or circumstances orchanges in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in theseforward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautionsinvestors that actual results may differ materially from the anticipated results.