DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF)
(FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated
blockchain and data center technology company, today announces it
will release financial results for its first quarter 2024 ending
December 31, 2023 on Wednesday, February 21, 2024 after the market
close. The Company will host a conference call to review its
results and provide a corporate update on Thursday, February 22,
2024 at 4:30 pm ET. Attendees should register in advance here.
Additionally, DMG announces recent operational
updates:
- New Mining
Capacity: In total, DMG plans to energize 54 mining
containers, which will house its ordered 4,550 units of new Bitmain
T21 miners, its currently operating S19 XP miners along with some
of its less efficient legacy fleet. DMG has received all the major
electrical distribution components and mining containers, which are
now located either at its Christina Lake data center facility or
with its integration partners. The migration of a portion of its
existing miners to containers will free up capacity inside DMG’s
Christina Lake data center building to expand its immersion cooling
infrastructure. Subsequent to the container deployment, DMG’s total
electrical capacity will be approximately double its current
Christina Lake building capacity of 36 megawatts.
- New Data Center
Site: Regarding DMG’s development of a new data center
site with access to low-cost reliable renewable energy located in
Canada in a province outside of British Columbia, there has been
significant progress towards receiving regulatory approvals for
power. In addition, the Company is proceeding with its capital
outlay plan and is working towards executing a binding agreement.
Further information will be provided if and when the definitive
agreement and regulatory approvals are obtained for this new data
center site.
- Immersion Cooling
Technology: After a long period of engineering
development, DMG has ordered its first production environment
immersion cooling tanks with the goal to have an initial closed
loop set-up completed in the June 2024 quarter. Subsequent to this
initial build-out, the Company will then purchase the remainder of
the equipment necessary to energize the first 12-megawatt phase. In
addition, DMG has selected a deployment partner that is located
near its Christina Lake facility with which it has a long standing
relationship. For this first phase of immersion cooling, the
Company intends to operate using primarily legacy miners to prove
out the technology.
DMG’s CEO, Sheldon Bennett commented, “DMG is
making good progress to transform its Christina Lake data center
facility and to proceed with the development of our potential
second site that will enable us to grow beyond 2 EH/s capacity. As
we look at how Bitcoin mining infrastructure is continuing to
evolve, we are staying at the forefront with deployment of
immersion cooling technology along with infrastructure for a new
generation of highly efficient miners that run on 3-phase
power.”
New Loan to Bosonic
DMG announces it has provided a total of an
additional US$600,000 of debt financing to Bosonic, Inc. to support
its continued development and help enable it to sustain cash flow
positive operations. As of September 30, 2023, DMG had provided
US$150,000 of debt and during the three months ended December 31,
2023, DMG had provided a further US$450,000 of debt to Bosonic. The
debt is interest bearing at 7.5% and is due within 18 months.
DMG Engages Power Mining Analysis
Ltd.
DMG announces it has engaged Power Mining
Analysis Ltd. to support DMG’s marketing efforts to increase
awareness and show how it performs as a Bitcoin miner relative to
its peer group. Power Mining Analysis was founded by Anthony Power
and Bryce McNallie, both well-known Bitcoin mining industry
analysts. This engagement began on February 1, 2024 at a cost of
US$3,500 per month.
About DMG Blockchain Solutions
Inc.
DMG is an environmentally friendly vertically integrated
blockchain and data center 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 on DMG Blockchain Solutions visit:
www.dmgblockchain.comFollow @dmgblockchain on X and subscribe to
DMG's YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & DirectorTel:
516-222-2560Email: investors@dmgblockchain.comWeb:
www.dmgblockchain.com
Investor Relations
Contact:CORE IR 516-222-2560
For Media Inquiries:Jules
AbrahamCORE IR917-885-7378julesa@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 DMG’s strategies and plans, the expected
increase in realized hashrate, completing the build and upgrades
for immersion cooling, expected substation maintenance, the
deployment of new capacity, the expected arrival of new miners, to
acquire a new data center, the expected timelines, developing and
executing on the Company’s products and services, increasing
self-mining, efforts to improve the operation of its mining fleet,
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.
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.
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.sedarplus.ca.
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, equipment failures, 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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