DMG Conducting Extensive Immersion Cooling Study as it Prepares its Facility for Large-Scale Deployment in 2021
DMG Blockchain Solutions (DMGGF) announced positive advancements in its long-term immersion cooling feasibility study, which is set for large-scale deployment in 2021. This innovative cooling system is expected to enhance hashrate by 30% while reducing power consumption by up to 10%, leading to significant cost savings. DMG's facility at Christina Lake can handle 85MW, with 60MW already installed. The initial phase will retrofit one megawatt incrementally, ensuring minimal operational downtime. Additionally, DMG's COO will participate in Canaccord's Digital Assets Symposium.
- Immersion cooling expected to increase hashrate by 30%, enhancing mining efficiency.
- Projected power consumption reduction of up to 10%, leading to cost savings.
- Initial phase of retrofitting to be done with minimal operational downtime.
- Future performance hinges on Bitcoin price fluctuations and mining difficulty rates.
VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, is pleased with the progress of its extensive long-term immersion cooling feasibility study, allowing the Company to proceed with needed preparations for large-scale deployment in 2021. Immersion cooling will enable DMG to grow its operations in a sustainable way, as well as to reinforce its leadership in the area of innovation-driven Bitcoin mining.
DMG is developing its proprietary immersion cooling system which, compared to more conventional air-cooled mining rigs commonly used by most crypto mining companies, will add significant operations gains at a lower capital expenditure. Prior industry research and discussion with immersion providers and industry vendors have shown a minimum hashrate increase of
DMG's existing Christina Lake substation is rated for 85MW, of which 60MW in transformers and other required high and middle voltage electrical equipment have already been fully installed. DMG’s facility has a Bitcoin mining capacity of 2.0 EH/s (exahash) of mining using air-cooled systems, and with immersion we expect a
DMG has invested in its immersion cooling testing in order to increase both the amount of hashrate its facility can generate as well as to develop a technology which is designed to work with any miners, so the Company does not become reliant on any single manufacturer. DMG is now preparing for the retrofitting of air-cooled infrastructure to immersion cooling in one megawatt increments. Through this process, existing mining will continue with minimal to no downtime, thus not affecting our operations or clients.
“Through the use of immersion cooling, we believe we can obtain a
The Company has sufficient funds on hand (for 30 megawatts) to complete the initial first phase of retrofitting of the facility. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of DMG’s production of Bitcoin. Future results could be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.
DMG also announces that Sheldon Bennett, DMG’s Chief Operating Officer, is participating in an expert panel along with Hive and Hut8, discussing its mining technologies at Canaccord's Digital Assets Symposium today at 12:00 noon EST.
About DMG Blockchain Solutions Inc.
DMG is a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s businesses are segmented into three main divisions: data centre operations, data analytics and forensics and developing enterprise blockchains. DMG’s data centre operations focus on earning revenues from block rewards and transaction fees by mining primarily bitcoin as well as providing hosting services for industrial mining clients. DMG’s data analytics and forensic services provide technical expertise software products such as Blockseer Pool, Mine Manager and Walletscore, as well as working with auditors, law firms, and law enforcement organizations. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans for the expected benefits of immersion cooling systems including increase in hashrate and cost savings, completion of the retrofitting of the facility, to increase petahash (PH) by self-mining, price of bitcoin, plans and intentions, other potential transactions, acquisition of customers, product development, 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, 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.
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, increase in operating costs, increase in equipment and labor costs, 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.
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.
FAQ
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