DMG Blockchain Solutions Inc. (TSXV: DMGI) (DMGGF: OTCQB) (FSE:
6AX) ("DMG" or the "Company") a vertically integrated blockchain
and cryptocurrency technology company, and Argo Blockchain Plc
(OTCQB US: ARBKF), a UK-based global cryptocurrency mining company,
today announced their partnership in the Crypto Climate Accord
(CCA) to promote the decarbonization of the cryptocurrency
industry. Alongside the CCA, DMG and Argo are developing a new
working group to more clearly outline the CCA’s objectives, while
deploying new technologies that increase the transparency of the
renewable energy sourcing of crypto mining.
DMG and Argo, both industry leaders in the
development of clean mining, are working with the CCA to ensure the
accord's objectives promote meaningful impact in reducing overall
emissions for the crypto industry. The companies are working to
align their goals and objectives with the CCA while enhancing
current protocols, demonstrating an industry-leading commitment to
environmental stewardship and to addressing the criticisms
regarding industry greenwashing.
A result of this dialogue has been the refining
of the CCA’s objectives, including the addition of a signatory
commitment by founding members, DMG and Argo.
An amplified demand in cryptocurrencies has
highlighted the ecological impacts that blockchain-based technology
can, and will, have on the world. Bitcoin miners around the world
currently account for up to an estimated 0.5% of global power
usage. There is an immediate and crucial opportunity to decarbonize
this growing power usage. In April of this year, founding members
of the CCA, a private sector-led initiative, committed to making
the cryptocurrency industry powered with 100% renewable energy.
“Since our inception, DMG has been committed to
transparency and good governance,” said Sheldon Bennett, CEO of DMG
Blockchain Solutions. “Partnering with the Crypto Climate Accord
alongside Argo allows us to apply those values to put us on a path
to become a more sustainable industry. Together, we can finally put
the wheels in motion to transition the cryptocurrency industry into
one that focuses on renewable energy.”
“As more data continues to surface regarding
Bitcoin and Bitcoin mining’s impact on the environment, it’s
imperative that the industry takes real, tangible action,” said
Peter Wall, CEO of Argo. “The Crypto Climate Accord helps lay the
groundwork for that action and we are both eager and determined to
ensure that supporters and signatories remain committed to the
CCA’s goals.”
In an effort to decarbonize the global crypto
industry by prioritizing climate stewardship and creating the
opportunity for the entire crypto industry’s transition to net-zero
greenhouse gas emissions by 2040, the CCA has outlined the
following objectives:
- Achieve net-zero emissions from
electricity consumption for CCA Signatories by 2030.
- Develop standards, tools, and
technologies with CCA Supporters to accelerate the adoption of and
verify progress toward 100% renewably-powered blockchains by the
2025 UNFCCC COP30 conference.
“We are ready to roll up our sleeves and begin
developing new solutions in support of the CCA,” said Jesse Morris,
Chief Commercial Officer at Energy Web. “Based on early industry
feedback about the CCA, we know that this green hash rate solution
is critical to assist individual mining facilities prove their use
of renewables and the industry as a whole to set an example for
other industries to follow. We look forward to working closely with
DMG, Argo, and other CCA Supporters to develop this solution and
introduce it to the market as quickly as possible.”
With DMG, Argo, and over 40 organizations on
board - including 20 prominent cryptocurrency organizations - the
CCA is on a path to achieve the stated objectives through the
promotion and use of renewable energy solutions. The CCA invites
subject matter experts, and others in the space to sign onto and
aid in the implementation of the working group.
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 & 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 and 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. 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
About Argo Blockchain Plc
Argo Blockchain plc is a global leader in cryptocurrency mining
with one of the largest and most efficient operations powered by
clean energy. The Company is headquartered in London, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the OTCQX Best Market in the United
States under the ticker: ARBKF.
For more information on Argo Blockchain
visit: www.argoblockchain.com
Contacts:
North AmericaWachsman: argo@wachsman.com Tel:
+1-212-835-2511
EuropeSalamander Davoudisalamander@tancredigroup.com Tel: +44
7957 549 906
Emma Valgimigliemma@tancredigroup.com Tel: +44 7727 180 873
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 expectations of joining CCA and the benefits
therefrom, 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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