Hong Kong, March 19, 2025 — Abits Group Inc (NASDAQ: ABTS), a US-based bitcoin mining and services company, announced that its subsidiary, Abit USA, Inc., has obtained a $3.0 million loan from an independent third party. This loan will finance the acquisition of new Antminer S19XP machines for expanding operations in Memphis, Tennessee. The deployment of these miners is scheduled for completion by late March or early April 2025, effectively doubling Abit USA’s mining capacity by increasing power capacity from 10MW to 22MW. The Memphis hosting facility is still expected to be operational in the second quarter of 2025, as previously announced. The loan has a 12% annual simple interest rate and is secured by Abit USA’s assets in Duff, Tennessee.
The company also announced the successful renegotiation of its Hosting Agreement with a service provider, resulting in improved terms. The increased cash flow from the Memphis expansion is projected to enhance earnings at the EBITDA level over the next three years.
About Abits Group Inc
Abits Group Inc (formerly Moxian (BVI) Inc), established in the British Virgin Islands in May 2021, is the surviving entity after merging with Moxian, Inc. in August 2021. Abits Group Inc is a next-generation digital company engaged in self-mining operations in Tennessee through its subsidiary, ABIT USA, Inc.
Forward-Looking Statements
This announcement includes forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are often identified by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” “in progress,” “goal,” “guidance expectations,” and similar expressions. The company may also include such statements in its filings with the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases, other written materials, and oral statements from third parties to the company’s management, directors, or employees. Statements that are not historical facts, including those about the company’s philosophy and expectations, are forward-looking and involve factors, risks, and uncertainties that could cause actual results to differ materially. These factors and risks include, but are not limited to, the company’s goals and strategies; future business development; financial status and operating results; expected growth of the bitcoin mining and Internet media marketing industries; demand and acceptance of the company’s products and services; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business, and industry. More detailed information about these and other risks and uncertainties is available in the company’s filings with the Securities and Exchange Commission. All information provided is current as of the date of publication, and the company is not obligated to update such information except as required by applicable law.
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