UPDATE -- DMG Announces New Miner Purchases
DMG Blockchain Solutions Inc. (OTCQB: DMGGF) announced significant new miner purchases totaling 1,550 units, contributing an additional 188 PH/s to its operations. This includes 350 Bitmain S19 Pro, 350 S19 XP, and 850 S19j Pro+ miners. The company recently completed the delivery of 1 EH/s of Bitcoin miners, with only 300 S19 XPs pending. DMG is finalizing logistics for over 40 megawatts of crypto mining containers, anticipated to arrive between July and September 2023. Additionally, DMG will present at the Planet MicroCap Showcase in Las Vegas from April 25-27, 2023. The company is also in the process of repricing 3,321,076 stock options, now reduced to 3,121,076, pending TSX Venture Exchange approval. Investors are reminded to consider potential impacts from Bitcoin mining difficulty and hash rates.
- Acquisition of 1,550 new miners increases total hashrate by 188 PH/s.
- Successful delivery of previous miner purchases enhances operational capabilities.
- Finalizing logistics for 40 megawatts of crypto mining containers.
- Presence at Planet MicroCap Showcase can enhance investor relations.
- Potential risks associated with fluctuating Bitcoin mining difficulty and hash rates.
- Dependence on timely delivery and operational setup of additional miners.
VANCOUVER, British Columbia, April 18, 2023 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, today announces new miner purchases. These purchases are additive to its previously announced 1 EH/s of Bitcoin miner purchases, all of which have been delivered except its final tranche of 300 Bitmain S19 XPs (42 PH/s).
The purchases include 350 Bitmain S19 Pro (35 PH/s), 350 Bitmain S19 XP (49 PH/s) and 850 Bitmain S19j Pro+ (104 PH/s) miners, which total an additional 1,550 units contributing 188 PH/s. The 350 Bitmain S19 Pros were a spot deal and have already arrived; the remaining miners will be added in the coming months to the DMG’s Christina Lake data center. The Company is discussing further purchases with Bitmain and other suppliers. The additional hashrate is subject to the receipt, installation, and operation of these additional miners.
Update on Delivery of Containers
As previously announced, DMG has purchased over 40 megawatts of crypto mining containers. The company is now finalizing shipping logistics. The first containers are expected to arrive in early July 2023 and continue arriving through September 2023.
DMG Management at Planet MicroCap
DMG reminds investors that the company will be presenting its corporate overview at the Planet MicroCap Showcase: VEGAS 2023. The conference is being held on April 25 – 27, 2023 at The Horseshoe Hotel and Casino (formerly Bally’s) in Las Vegas, NV.
Presentation Date: April 26, 2023
Time: 9:00 am Pacific Time
Webcast Link: https://www.webcaster4.com/Webcast/Page/2963/48002
DMG will be available for one-on-one meetings at the conference venue. To request a meeting and to register for the conference, click here: https://planetmicrocapshowcase.com/signup
Additionally, DMG previously announced, repricing of 3,321,076 stock options (“Options”), subject to TSX Venture Exchange approval, the number for which has been reduced to 3,121,076.
About DMG
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 expectation and plan to grow its hashrate to 1 EH/s and beyond, the receipt of additional miners and containers and the expected timelines, the potential purchase of additional miners, 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.
FAQ
What new miner purchases were announced by DMG Blockchain Solutions?
When will DMG's new mining containers arrive?
What is the significance of DMG's participation in the Planet MicroCap Showcase 2023?
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