VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a vertically integrated blockchain and cryptocurrency technology company, today announces preliminary February mining results. DMG mined 89.2 bitcoin with 0.88 EH/s realized hashrate. DMG’s bitcoin balance as of February 28, 2023 was 435.3 bitcoin.
New Miner Deliveries
DMG now expects the last 42 PH/s batch of Bitmain S19 XPs to be delivered in April 2023. Along with further mining improvements, DMG expects to increase the hashrate to 1 EH/si April 2023; this is subject to the receipt, installation and operation of the additional miners.
New infrastructure to support future growth
In addition, DMG has completed the purchase of air-cooled containers that together will support more than 40 megawatts of mining. Based on the efficiency of the last generation of mining rigs, this capacity will support more than 1 EH/s of additional mining. Delivery to DMG’s Christina Lake data center is now being arranged. DMG CEO, Sheldon Bennett, commented: “Even during the crypto downturn, DMG continues to invest in the future. We do not expect the acquisition to have a significant impact on our cash position, yet we strategically position ourselves to be ready to rapidly expand mining capacity, and Terra Pool’s network share, either to acquire more miners or to provide hosting services at scale.”
Bank deposit exposure
DMG has not held any deposits with Silvergate Bank, Silicon Valley Bank or Signature Bank. DMG has cash with major banks ranked in the top 50 globally.
Annual general meeting and extraordinary general meeting
DMG also announces that its Annual General Meeting and Special Meeting (AGSM) is scheduled for the end of May 2023.
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 may materially affect the future performance of DMG’s production of Bitcoin, and future operating results may 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.
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 inquiries:
Jules Abraham
CORE IR
917-885-7378
[email protected]
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 receipt and installation of additional bitcoin mining rigs, the receipt of air-cooled containers, the development and execution of the Company’s products, services and business plans, increasing self-mining and growing hash rate. , launch of products and services, events, courses of action and the potential of the company’s technology and operations, among other things, 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; the demand and pricing of bitcoins; security threats, including loss/theft of DMG’s bitcoins; 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 about current and future business strategies and the environment in which the company will operate in the future, including the demand for the products, the ability to develop software, that there will be no regulation or law. which will prevent the company from operating 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 availability of capital and financing, equipment failure, lack of supply of equipment, power and infrastructure, failure to obtain permits necessary 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 bitcoins from DMG or its customers, consumer sentiments towards DMG’s products, services and blockchain technology in general, lack development of new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, decrease in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, government regulations, loss of key employees and consultants r, 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.
