DMG Blockchain Solutions Announces May Operational Results
DMG Blockchain Solutions has announced its operational results for May 2024. The company mined 23 bitcoins with an average hashrate of 0.94 EH/s, showing progress in mining efficiency. By May 31, 2024, DMG's bitcoin balance was 449 BTC, indicating a strategic reserve for future capital deployment.
DMG's Bitmain T21 mining fleet, expected to generate 0.86 EH/s, is now scheduled to be operational in July 2024, delayed from the initial end-of-June timeline due to extended lead times for interconnection components.
The company has also granted 1,406,090 stock options to employees and directors, exercisable at $0.61 per share over five years, with vesting in 25% increments every six months.
- DMG mined 23 bitcoins in May 2024, indicating ongoing mining efficiency.
- DMG's average hashrate for May 2024 was 0.94 EH/s, reflecting technological improvement.
- The company holds a strategic bitcoin reserve of 449 BTC as of May 31, 2024.
- Combined fleet hashrate expected to reach 1.7 EH/s with 23 J/TH efficiency post-installation of T21 miners.
- Stock options grant to employees and directors aligns incentives with long-term growth.
- Delay in the operational commencement of the Bitmain T21 mining fleet from June to July 2024.
- Extended lead times for interconnection components causing delays in commissioning new mining containers.
VANCOUVER, British Columbia, June 05, 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 its operational results for May 2024:
Key Highlights for May 2024:
- Bitcoin mined: 23 BTC
- Hashrate: 0.94 EH/s
- BTC balance: 449 BTC
In May 2024, DMG mined 23 bitcoin with a realized monthly average hashrate of 0.94 exahashes per second (EH/s). These results demonstrate the Company's ongoing commitment to optimizing its mining operations and increasing efficiency. DMG's bitcoin balance as of May 31, 2024 stands at 449 BTC, reflecting our strategic approach to growth and asset management. This reserve positions DMG favorably for future opportunities to deploy its capital.
As an operational update, DMG now expects it will have its Bitmain T21 mining fleet expected to generate 0.86 EH/s operational in July 2024, a delay from prior guidance of the end of June. The Company expects to have its T21 miners fully installed in its mining containers by the end of June or shortly thereafter. However, the miners will not be energized until they are connected to the Company’s distribution line. Extended lead times for interconnection components are delaying the commissioning of the new mining containers. Combined with its new fleet of fully energized T21s, the Company expects its total fleet hashrate to generate an estimated 1.7 EH/s with a blended fleet efficiency to be approximately 23 J/TH.
Grant of Stock Options
DMG also announces it has granted 1,406,090 stock options (“Options”) to employees and directors of the Company. The Options are exercisable for a period of five years at a price of
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.
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:
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 DMG’s strategies and plans, the expected increase in realized hashrate, the deployment of new capacity, the expected arrival of new miners, the expected timelines, (including the delay of the interconnection components), the expected arrival and installation of the T21 miners, the opportunity and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, 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 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.
FAQ
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