DMG Blockchain Solutions Inc. (TSXV: DMGI) (DMGGF: OTCQB) (FSE:
6AX) ("DMG" or the "Company"), a vertically integrated blockchain
and cryptocurrency technology company is pleased to provide an
update regarding its Core+ operations, following up on its
conference call held on April 22, 2021.
DMG Core+ Strategy
The Company has been aggressively focusing on
its Core+ software platforms, following the development of its
Core+ data centre infrastructure. All DMG software operates under
the Blockseer brand, a 100% owned subsidiary of DMG. Blockseer has
a range of crypto-specific services already operating, which
include Explorer, Walletscore, Pool, and Mine Manager. As of today,
Blockseer’s Pool platform, a licenced technology which includes
“Clean Block” mining, is operating over 1 Exahash (1,000 Petahash)
for its client.
Normally a pool will charge an average of 2% for
its fees to users. Over a single week of mining with approximately
1 Exahash (1,000 Petahash) at today’s bitcoin price, it would be
expected that pool fees charged would be approximately USD$45,000
per week per Exahash. DMG, licensing its technology, takes a
negotiated fee via its overall pool fee for Blockseer’s services
and technologies.
The Blockseer Pool is currently producing blocks
at its statistically expected rate which, with its current
hashrate, will generate approximately 225 bitcoin per month. As a
critical component of our Core+ services, Blockseer's mining pool
is now an active revenue generator; with over 1 Eh/s running on the
pool network for DMG’s client.
"I am incredibly proud of my team, and their
diligent work over the last year to take our Blockseer Pool
offering from inception to production. This represents the next
step in DMG's focus towards full vertical integration in the
creation of bitcoin, and is the foundation for becoming more
involved in the entire bitcoin ecosystem,” said Adrian Glover,
Chief Technology Officer of DMG.
“DMG is very excited for the ongoing growth of
the Blockseer platforms,” commented Sheldon Bennett, DMG’s CEO. “We
now have four operating platforms (Explorer, Walletscore, Pool and
Mine Manager), and with the coming additions of Breeze and Freeze
(Blockseer’s custody wallet solutions), and Petra, which is now
patent pending, and focuses on solving regulatory issues for banks
and financial institutions as they add Bitcoin operations. In the
coming months, as we move forward with our plans to add crypto
exchange capabilities to Blockseer, DMG is investing significantly
in new revenue generating products beyond pure crypto mining.”
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.comOn 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 based on current expectations. Forward-looking
statements contained in this news release include statements
regarding the development and use of the Blockseer products and
services, the expectations and revenues from licensing software,
the development of Freeze and Breeze products, the plans to add
crypto exchange capabilities, 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, 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,
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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