VANCOUVER, British Columbia, April 29, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, announces an operational update:
- Miner Deployment Plan: DMG has installed the first of its ordered 4,550 units of new Bitmain T21 miners, which when fully installed and operating, are expected to generate 0.86 EH/s with a miner efficiency of 19 J/TH. The Company still expects to have its T21 fleet fully installed and operating in the current quarter.
- Legacy Fleet Efficiency Improvement: To maximize its mining profitability post-halvening, DMG has improved its legacy fleet efficiency via software from 28.4 J/TH to approximately 26 J/TH with a commensurate reduction in hashrate from 1 EH/s to approximately 0.85 EH/s. Combined with its new fleet of T21s, the Company expects its blended fleet efficiency to be approximately 23 J/TH, delivering an estimated 1.7 EH/s by the end of the current quarter. The Company is targeting additional improvements as it redeploys its legacy fleet in the coming months to raise its overall fleet hashrate towards 2 EH/s.
DMG’s CEO, Sheldon Bennett commented, “We are pleased with the progress toward our goal to augment our existing fleet with the addition of new generation T21 miners and expansion of our electrical infrastructure so that we can thrive in a post-halvening world. DMG is undergoing its largest and most rapid expansion to date, as we will have the electrical infrastructure in place when our current expansion is complete to grow our mining capacity to 3 EH/s.”
DMG Management at Planet MicroCap Showcase, April 30-May 2, Las Vegas
DMG management will participate in the upcoming Planet MicroCap Showcase, scheduled for April 30 to May 2, 2024 in Las Vegas. The event will feature a presentation by DMG on May 1 at 8:30 am PT, providing insights into the company’s latest achievements and future plans. The event will be webcast with viewing via advance registration.
CEO Sheldon Bennett and COO Steven Eliscu will also be available for one-on-one meetings on May 2, offering a unique opportunity for investors and industry peers to engage directly with DMG’s leadership.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and data center technology 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 unified through DMG’s vertical integration.
These announcements underline DMG Blockchain Solutions' dedication to advancing the blockchain sector through continuous technological development and strategic industry engagement. For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on Twitter and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact
CORE IR 516-222-2560
For Media Inquiries
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding presenting at upcoming conferences, DMG’s strategies and plans, receiving, installing and operating additional miners, expansion of electrical infrastructure, expected increase in mining capacity, the expected timelines, the expected increase in its hashrate, targeting improvements to its legacy fleet, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may 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 difficulty.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, 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 as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG's bitcoins; DMG's relationships with its customers, distributors and business partners; the 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 customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully 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. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. 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, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of 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 sentiment towards DMG's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
