DMG Announces March Mining Results; New Large Ordinal Collection Inscription with Per Ordinal Rights Transfer
DMG Blockchain Solutions (OTCQB: DMGGF) reported its March 2023 preliminary bitcoin mining results, mining 78.9 BTC with a hashrate of 0.88 EH/s. The company's bitcoin balance as of March 31, 2023, stood at 443 BTC. DMG also revised its February production figures from 89.2 BTC to 76.7 BTC due to changes in payment structure. The delivery of 42 PH/s of Bitmain S19 XPs miners is now expected in May 2023, with plans to increase hashrate to 1 EH/s. DMG inscribed a unique ordinal collection on the Bitcoin blockchain, showcasing its carbon-neutral mining capabilities. Additionally, the company announced the repricing of 3,321,076 stock options to $0.33 from a range of $0.65-$3.00, pending approval. Terra Pool, its clean energy mining platform, aims to attract more miners with full pay-per-share payments.
- Mined 78.9 BTC in March with a hashrate of 0.88 EH/s.
- Current bitcoin balance is 443 BTC.
- Expected hashrate growth to 1 EH/s in May 2023 with new miner deliveries.
- Unique carbon-neutral ordinal collection inscribed on the Bitcoin blockchain.
- Repricing of stock options from $0.65-$3.00 to $0.33 may incentivize employees.
- February's mining output was revised down to 76.7 BTC from 89.2 BTC.
VANCOUVER, British Columbia, April 12, 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 March preliminary mining results. DMG mined 78.9 bitcoin with 0.88 EH/s realized hashrate. DMG’s bitcoin balance as of March 31, 2023 was 443 bitcoin. As DMG is now reporting mined bitcoin from Terra Pool on a full pay-per-share (FPPS) basis, February mining results would have been 76.7 BTC rather than the 89.2 mined BTC previously reported.
New Miner Deliveries
DMG now expects its last batch of 42 PH/s of Bitmain S19 XPs to be delivered in May 2023 rather than April as previously expected. Along with additional mine improvements, DMG expects to grow its hashrate to 1 EH/s in May 2023. This is subject to the receipt, installation and operation of the additional miners, as well as operation of its existing fleet in standard power mode.
New Large Ordinal Collection Inscription with Per Ordinal Rights Transfer
In Bitcoin block 784173, DMG has inscribed a large-sized (i.e., greater than 400 kilobytes) ordinal collection of 100 Nippies developed by artist Scuba Steve. What is unique about this inscription is it combines 100 sequential pieces of art into a single block inscribed with carbon-neutral energy. Additionally, it incorporates the capability for each individual piece of art to be subsequently sent to a unique wallet. This allows artists to post collections to the Bitcoin blockchain -- the world’s most immutable digital ledger -- and then to transfer ownership rights of individual artwork pieces uniquely to new owners while being able to show provenance of their art back to the original block.
DMG’s CEO Sheldon Bennett commented, “It is because of our Core+ strategy, based on which we have built a suite of Blockseer software products, that DMG is the only Bitcoin mining company capable of inscribing large ordinals using carbon neutral energy. This is the result of what we’ve built – Terra Pool, the world’s only carbon neutral bitcoin mining pool – along with Petra, which provides the ability to build transactions tailored to client needs and place those transactions onto the blockchain using carbon neutral energy.”
Scuba Steve added, “We are pleased DMG could do what no other ordinal inscription service could offer – 100 sequential artwork pieces all in the same block, processed with green energy, all while including the capability to transfer ownership rights on an individual basis. We believe DMG’s capabilities could open the door for many other collections to be inscribed in a similar manner.”
Additionally, with recent software upgrades, DMG is offering Terra Pool users to be paid for their hashrate on a full pay-per-share basis, which is expected to attract more carbon neutral miners to Terra Pool.
Stock Option Repricing
DMG also announces, subject to TSX Venture Exchange approval, it is repricing 3,321,076 stock options (“Options”) held by non-executive employees and consultants. The repricing does not affect the Options’ current vesting schedules and does not extend the term of the Options. The 3,321,076 existing Options will be repriced from between
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 focused on clean energy. The purpose of this initiative is to accelerate the shift 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 shares the received rewards and transaction fees proportionally among 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 unified through DMG’s vertical integration.
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.
For more information on 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: 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 the repricing of stock options, the expectations of the ordinal inscription service, the expectation and plan to grow its hashrate to 1 EH/s in May 2023, the planned monetization of certain product and service offerings, the plans and goals of the Terra Pool, developing and executing on the Company’s products, services and business plans, 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.
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.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, 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 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 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, 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.
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