DMG Blockchain Solutions provides mining results in January, completion of Petra and goes public
VANCOUVER, British Columbia, Feb. 15, 2023 (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 preliminary operating results in January.
DMG’s operating results for January
DMG mined 100.2 bitcoin with 0.91 EH/s realized hashrate. DMG’s bitcoin balance as of January 31, 2023 was 413.8 bitcoin. Depending on the timing of receiving shipments of ordered miners, DMG expects to increase the hash rate to 1 EH/s in early 2023; this is subject to the receipt, installation and operation of the additional miners.
Petra Completion
DMG is pleased to announce that the Petra platform has been used to submit multiple transactions to the Bitcoin blockchain. Petra as a platform is designed to provide subscribers with enhanced capabilities when initiating crypto transactions, including KYC on wallets, AML on transactions and routing via DMG’s Terra Pool, a carbon neutral mining pool. DMG has created a way for bitcoin network participants to make a choice if they want to ensure that the movement of their coins occurs with a minimal carbon footprint. Over the past few days, several blocks have moved bitcoin using the Petra platform. In addition, DMG has moved the first batch of ordinals using Petra on the Terra Pool. “Using DMG’s Blockseer suite of technologies, we have introduced an alternative for companies and individuals with a particular interest in governance, regulatory issues and ESG objectives. The goal of these products is to provide greater choice than was previously available to these the individuals and organizations in how they can choose to interact with the bitcoin blockchain,” commented DMG’s CTO Adrian Glover.
DMGI Podcasts on McNallie Money
We encourage investors to listen to two recent YouTube podcasts on McNallie Money:
Interview with CEO Sheldon Bennett and COO Steven Eliscu:
https://www.youtube.com/watch?v=5D7RdJaLdjQ
Analysis of DMG’s year in review and investor presentation for December 2022:
https://www.youtube.com/watch?v=J1qNvlKFRxY
Please note that McNallie Money’s opinion is that of Bryce McNallie, and DMG had no role in the production or editing of these videos, nor was it paid for.
CEO Sheldon Bennett appears before the Canadian House of Commons
On February 1, 2023, DMG CEO Sheldon Bennett appeared before the Canadian House of Commons Standing Committee on Industry and Technology to support the activities of the Digital Asset Mining Coalition, which defends the Canadian Bitcoin mining industry’s eligibility for input tax credits for the process of mining bitcoin. Mr. Bennett’s testimony can be found at https://www.ourcommons.ca/Committees/en/WitnessMeetings?witnessId=294204.
Accounting Standards Board’s Crypto Assets Working Group
DMG’s CEO, Sheldon Bennett, has been invited to this task force because of his many years of work as a technical specialist in audit and legal matters. “I look forward to being part of ASB’s working group for this important work to shape future standards in this evolving industry,” commented Mr. Bennett.
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 on 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 the Company’s Petra platform, the development and execution of the Company’s products and services, the increase in Bitcoin self-mining and the achievement of the target of 1 EH/s by early 2023, the expected arrival of new miners and the increased hash rate when the miners are installed and operating, the launch of products and services, events, courses of action and the potential of the company’s technology and operations, among others, are 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 price 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.
