DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE:
6AX) (“DMG” or the “Company”), a publicly-traded, vertically
integrated blockchain and cryptocurrency technology company, today
announces the purchase of 1,800 Bitmain Antminer S19 XP 140 Th
miners, Bitmain’s newest generation.
Each miner uses only 3.01 kilowatts to generate
140 terahashes which will generate an overall additional 252 Ph/s
once all of the 1,800 miners are received, installed and energized.
With this order of 1,800 Bitcoin miners, DMG will own just over 1
Eh/s when including its previous Bitmain S19 orders.
Delivery of these 1,800 miners is expected to
begin in July 2022, with 300 miners arriving each month for the
following 6 months.
DMG also announces that mid-December 2021, once
its November batch of Bitmain miners arrives, the Company will
generate over 400 Ph/s hashrate, which, given various market
factors, is estimated to produce an average of 2.58 BTC a day. This
has been the culmination of the large bulk order arriving in August
2021 along with the supplemental orders of 450 S19 miners arriving
each month starting in August and continuing over the course 12
months. DMG previously ordered 7,850 S19 Bitcoin miners from
Bitmain. As a result, DMG has purchased from Bitmain a total
hashrate of 1,037 PH/s or approximately 9,500 S19s (which includes
the most recent order of 1,800 S19 XPs announced in this news
release).
DMG also wishes to announce the granting of
2,845,750 stock options (“Options”) to directors
and employees of the Company. The Options are exercisable for a
period of three years at a price of $1.20 per share and will vest
as to 25% on each of the six, twelve, eighteen and twenty-four
month anniversary of the grant date.
About DMG Blockchain Solutions
Inc.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.
For more information visit the DMG website here
to learn more.
Follow @dmgblockchain on Twitter and subscribe
to DMG's YouTube channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
For additional 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
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.
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.
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 upcoming conference, the purchase of
additional Bitcoin miners and the expected delivery and
installation dates of such miners, the expected Ph/s from the
additional Bitcoin miners, the expected Bitcoin produced each day,
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.
For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
including the annual information form for the year ended September
30, 2020, filed on January 28, 2021.
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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