Financial Performance - Abits Group Inc reported a revenue of $3.67 million for the six months ended June 30, 2024, which included 61.5 bitcoins produced, a significant increase compared to the previous period when there was no production due to construction activities [1][6] - The gross profit from mining operations was $0.75 million after accounting for direct costs of $2.68 million, primarily driven by electricity costs of $1.1 million and depreciation of $1.27 million [1][6] - The loss before tax was reduced to $0.14 million, a notable improvement from a loss of $3.5 million in the previous period [2][6] Operational Developments - Administrative and general overheads increased to $1.11 million, nearly doubling from $0.7 million, due to the addition of new staff and increased maintenance and insurance costs as the data center became fully operational [2] - The company improved its water supply in April, ensuring continuous operation of all production lines, supported by a 100,000-gallon reservoir [2] Balance Sheet Overview - The balance sheet showed minimal changes, with the purchase of more Ant-miner machines for $0.86 million and a property acquisition in Wisconsin for $0.65 million [3] - Cash and cash equivalents decreased to $0.4 million as of June 30, 2024, down from $0.88 million at the end of 2023 [4][8] Future Outlook - The company anticipates lower production output for the remainder of 2024 due to the halving of mining rewards that occurred in late April, but it aims to maintain strict cost control and secure more hosting contracts to enhance revenue [3][6]
Abits Group Inc Reports Unaudited Financial Results for the First Half of 2024