Abits Group Inc. Achieves Strong Growth and Expansion in Q1 2024, Sets Stage for Continued Progress in Q2

Core Insights - Abits Group Inc. has reported significant growth in Bitcoin mining capacity, with hash rates increasing from approximately 285 PH/s to nearly 325 PH/s in Q1 2024, and projections to exceed 360 PH/s in Q2 2024 [1][2][3] Group 1: Operational Achievements - The company successfully launched new production lines, contributing to the increase in hash rates [1] - Key infrastructure projects completed in Q1 include the expansion of a 1 MW facility and the construction of a 100,000-gallon water reservoir, enhancing production stability and operational efficiency [2] - The workforce at the LaFollette site remains stable with four dedicated employees focused on enhancing expertise [2] Group 2: Future Initiatives - Abits Group is negotiating with its power provider to secure an additional 2 MW of power capacity, aiming for a dynamic 24/7 operation by July 1, 2024 [2] - The company has acquired a 55-acre property in Wisconsin for a new 20 MW site, with construction set to begin in Q2 and continue through Q4 [3] - CEO Forrest Deng expressed confidence in the company's stable performance and strategic investments, positioning Abits Group for continued success [3]