DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US)
(FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated
blockchain and cryptocurrency technology company, today announces
the purchase of 3,600 bitcoin ASIC miners, which is an additional
approximate 360 PH/s, increasing DMG’s total hashrate to well over
500 PH/s.
DMG is regularly evaluating and negotiating with
leading Bitcoin mining equipment manufacturers for further purchase
orders in accordance with its immersion retrofitting schedule,
which facilitates additional purchases, as appropriate, to continue
to meet the Company‘s 2021 hashrate targets. Delivery of these
miners is expected to begin in August 2021 and continue for the
next 12 months.
“DMG continues to focus on leading development
of the state of the art in cryptocurrency mining, including
immersion cooling and Blockseer’s software platforms,” said DMG’s
CEO, Sheldon Bennett. “While the hardware market remains extremely
active, our established presence in the industry ensures we will
continue to secure the appropriate equipment to maximize our
business and provide continued optimized value for our
shareholders.”
As previously noted, DMG continues to build
infrastructure and add equipment in order to fully occupy its 85 MW
flagship facility, the Company will explore the possibility of
multiple other Bitcoin mining sites to allow for additional
hashrate growth leading into 2022.
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.
Future changes in the Bitcoin network-wide
mining difficulty rate or Bitcoin hashrate may materially affect
the future performance of DMG’s production of Bitcoin, and future
operational results could also be materially affected by the price
of Bitcoin and an increase in hashrate mining difficulty.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
For further information, please
contact:DMG Blockchain Solutions Inc.Email:
investors@dmgblockchain.comWeb: www.dmgblockchain.com
Investor Relations
Contact:CORE IR 516-222-2560
For Media
Inquiries:Jules Abraham, Head of Public
RelationsCORE IRjabraham@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. Statements
about the Company’s plans for the acquisition of additional Bitcoin
miners, plans and goals to increase petahash (PH) by self-mining,
completion of retrofitting of the facility, acquiring other
facilities, 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,
decrease in the price of Bitcoin and other cryptocurrencies,
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.
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