Abits Group Inc. announced that its wholly owned subsidiary, Abit USA, Inc., secured a $3.0 million loan from an unrelated third party. This loan is designated to fund the purchase of new Antminer S19XP machines for its operational expansions in Memphis, Tennessee.
The deployment of these new miners is expected to be completed by the end of March or early April 2025. This expansion is projected to effectively double Abit USA’s mining capacity, increasing power capacity from the current 10MW to 22MW.
The loan carries a simple interest rate of 12% per annum and is secured by Abit USA’s assets located in Duff, Tennessee. The company anticipates that the enhanced cash flows from this Memphis expansion will contribute additional earnings at the EBITDA level over the next three years.
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