Abits Group Inc. announced its unaudited financial results for the first half of 2025, reporting an operating profit from mining operations of $2.138 million. This represents an improvement of nearly 6% from the corresponding period last year.
This improvement occurred despite a reduction in total Bitcoin output to 40.27 coins in H1 2025, down from 61.53 bitcoins in H1 2024, primarily due to the Bitcoin halving event. An increase in the average price of Bitcoin to $95,843, compared to $59,628 in H1 2024, and a maiden contribution from the Memphis hosting facility helped offset the shortfall.
The company reported a loss before interest and taxation of $0.25 million, compared to $0.14 million in H1 2024, attributed to a higher depreciation charge for additional machines. After accounting for an interest expense of $90,000 from the Memphis investment loan, the operating result before taxation was a loss of $0.34 million.
Operationally, the Duff, Tennessee site is running at an optimum load of 12mW with an output of approximately 500 pH/s. In the first quarter of 2025, the company installed two water wells, reducing the water bill by $25,000 per month, while maintaining electricity costs below $0.04 kWH.
The second site in Memphis, operating under a hosting joint-venture, has installed about 2600 S19XPs since April 2025, contributing an output of approximately 300 pH/s. The company sold 27.15 bitcoins in H1 2025 to meet working capital requirements, holding $1.96 million in Bitcoin stock as of June 30, 2025.
Abits Group expects the second half of 2025 to show further improvement for the full year as the Memphis hosting facility reaches full operational capacity, assuming no sharp declines in Bitcoin prices.
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