DMG Blockchain Solutions Provides Mining, Petra Updates; COO makes purchases of open market share
VANCOUVER, British Columbia, Dec. 23, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces that it has received the majority of the equipment it ordered from Bitmain: 785 PH/s of the S19j Pro model and 210 PH/s of the S19 XP model enabling almost 1 EH/s mining capacity. DMG expects to achieve more than 1 EH/s in early 2023 when it receives its remaining batch – 42 PH/s of S19 XP. The company also plans to order more miners based on accumulated credit at Bitmain, as well as make opportunistic miner purchases in the open market.
In addition, DMG has made significant progress in upgrading the Terra Pool software and expects to run its first Petra transactions through Terra Pool on the Bitcoin mainnet in early 2023. Petra will enable the movement of bitcoin using carbon neutral energy sources and partner with its Walletscore -technology, which screens out transactions with wallet addresses blacklisted by the US Treasury Department’s OFAC (Office of Foreign Assets Control).
DMG CEO Sheldon Bennett commented: “With Petra and Walletscore deployed together, we remain optimistic that DMG can enable bitcoin transactions to occur in a carbon-neutral manner ahead of likely tightened regulations in the wake of the FTX fallout.”
The COO buys the company’s shares
The company also announces that Steven Elescu, DMG’s COO, recently purchased 100,000 DMG shares in an open market purchase.
“As we execute on our goals of building out a core of leading bitcoin mining infrastructure along with an ecosystem of software and services to monetize bitcoin transactions, which we call Core+, I reaffirm my belief that DMG has the potential to create significant value,” added Mr. Eliscu.
Grant of stock options
DMG also announces that it has granted 914,800 stock options (“Options”) to employees and board members of the company. The options are exercisable for a period of five years at a price of $0.18 per share and will vest at 25% on each of the six, 12, 18 and 24 month days prior to the grant date.
About Terra Pool
Terra Pool is a cryptocurrency mining platform operated by DMG’s Blockseer software company. Terra Pool is the world’s first Bitcoin mining pool with a focus on clean energy. The purpose of this initiative is to accelerate the transition from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. Terra Pool aggregates the computing power of individual miners and then divides the received rewards and transaction fees proportionally between them, so that miners are rewarded more consistently.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable businesses are segmented into two business lines under the Core and Core+ strategies and united through DMG’s vertical integration.
Future changes in the Bitcoin network’s mining difficulty or Bitcoin hash rate could materially affect the future performance of DMG’s production of Bitcoin, and future operating results could also be materially affected by the price of Bitcoin and an increase in hash rate mining problems.
For more information about DMG Blockchain Solutions visit: www.dmgblockchain.com
follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
On behalf of the board,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: [email protected]
Internet: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For media enquiries:
Jules Abraham, Communications Manager
CORE IR
(917) 885-7378
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Warning regarding forward-looking information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements in this press release include statements regarding the growth and expectations of Terra Pool, as well as the Petra and Walletscore technologies, the development and performance of the Company’s products and services, the increase in Bitcoin self-mining and the achievement of the 1 EH/s target, the expected arrival of new miners and the increased hashrate once the miners are installed and operating, product and service launches, events, courses of action and the potential of the company’s technology and operations, among others, are all forward-looking information.
Forward-looking statements consist of statements that are not purely historical, including statements of beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking words such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is warned that assumptions used in the preparation of forward-looking information may turn out to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including, but not limited to, the market and other factors. conditions, volatility in the trading price of the Company’s common stock, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive when other better-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and demand and pricing of products and services; the demand and pricing of bitcoin; security threats, including loss/theft of DMG’s bitcoin; DMG’s relationship with its customers, distributors and business partners; inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on the products and the industry; inability to develop new and innovative products; the ability to maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. There can be no assurance that DMG will actually achieve its plans, projections or expectations. Such statements and information are based on a number of assumptions regarding current and future business strategies and the environment in which the company will operate in the future, including the demand for its products and services, the ability to develop software successfully, that there will be no regulation. or law that would prevent the company from conducting its business, expected costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve its goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not rely on these forward-looking statements. The securities of DMG are considered highly speculative due to DMG’s operations. For additional information about these and other risks and uncertainties, see the company’s filings at www.SEDAR.com. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in forward-looking statements include lack of regulatory approval, continued available capital and financing, equipment failure, lack of supply of equipment, power and infrastructure, adverse weather and climate events. , failure to obtain permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, secure equipment and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumers’ feelings towards DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, litigation, increases in operating costs, increases in equipment and labor costs, decreases in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, public regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to rely on forward-looking information. The forward-looking statements in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the company undertakes no obligation to comment on the expectations of or statements from third parties in relation to the matters discussed above.
