Abits

Revenue per hash is set by bitcoin price and network difficulty, not by Abits. The firm cannot raise prices on customers in self-mining, and hosting fees are constrained by market competition and the profit-sharing terms it accepted.

Gross margin near 40 percent in 2025 reflects energy mix, timing, and accounting for digital asset fair value changes, but depreciation and write-offs drove operating losses. There is no evidence of latent pricing power that can be exercised without volume loss.