DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF)
(FRANKFURT: 6AX) ("DMG"), a leading vertically integrated
blockchain and data center technology company, announces its
preliminary Bitcoin mining operational results for October 2024:
- Bitcoin Mined: 34 BTC
(up from 23 BTC in September)
- Hashrate: 1.53 EH/s (up from 1.1 EH/s in
September; includes 0.12 EH/s moved and energized to a hosting
location during October)
- Bitcoin Holdings: 399 BTC (DMG liquidated $2.0
million of its bitcoin to meet the regulatory capital required for
Systemic Trust to become a fully qualified custodian and $1.0
million of its bitcoin to pay down its $1.0 million loan secured by
property.)
DMG is Adding Mining
Capacity
DMG has purchased six one-megawatt hydro mining
containers, scheduled for delivery and installation in the current
quarter, which is ahead of the anticipated hydro miner delivery.
Hydro is a technology that uses water to more efficiently cool the
mining equipment than the fans used in air-cooled miners.
Subsequent to the purchase, delivery and installation of Bitmain
Direct Liquid Cooling (DLC) hydro miners that would completely fill
the six hydro mining containers, this expansion would be expected
to increase DMG’s hashrate by 0.4 EH/s with an efficiency of 15-16
J/TH, thereby bringing DMG’s total mining fleet to approximately
2.1 EH/s at an efficiency of 21 J/TH.
DMG’s CEO, Sheldon Bennett, stated, “In October,
we boosted our bitcoin production by nearly 50% from the previous
month, reaching approximately 1.65 EH/s by month’s end. Now, we are
turning our focus to the next phase of hashrate growth using DLC
hydro technology, planned for deployment in early 2025.
Additionally, we have successfully deployed our miners with a
trusted hosting partner we have known for many years, as we believe
hosting is a valuable tool to enhance site diversification and
reduce operational costs.”
DMG Pays Off $1 Million
Loan
On October 30, 2024, DMG fully repaid its $1
million interest-only loan secured by property. This loan,
initially taken on July 22, 2022, aimed to defer bitcoin
liquidation for capital purchases. At the time of origination, BTC
was priced at USD 22,715, and just before the payoff date, it had
risen to USD 69,908. By deferring the sale of $1 million in
bitcoin, DMG effectively gained over $2 million from the
appreciation in bitcoin value, significantly outpacing the interest
payments made over the loan term.
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
operating results could also be materially affected by the price of
bitcoin and an increase in hashrate and mining difficulty.
About DMG Blockchain Solutions
Inc.
DMG is a sustainable, vertically integrated
blockchain and data center technology company that develops,
manages, and operates comprehensive platform solutions to monetize
the blockchain ecosystem. The company’s operations are driven by
two strategic pillars: Core and Core+, both unified by DMG’s
commitment to vertical integration and environmentally responsible
practices. DMG is the parent company of Systemic Trust Corporation,
which is focused on the custody of digital assets.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.comFollow @dmgblockchain on X, LinkedIn,
Facebook 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
For Investor
Relations:investors@dmgblockchain.com
For Media Inquiries:Chantelle
BorrelliHead of Communications chantelle@dmgblockchain.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 the expected increase in DMG’s hashrate,
transitioning a part of DMG’s miner fleet to a third-party hosting
provider and the expected benefits and outcomes, DMG’s strategies
and plans, the expected delivery of the hydro mining containers in
the December 2024 quarter, delivering products that enable the
monetization of bitcoin transactions, developing and executing on
the Company’s products and services, increasing self-mining, 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 hashrate 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 hashrate and 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 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, directors, officers 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.
DMG Blockchain Solutions (TSXV:DMGI)
Historical Stock Chart
From Oct 2024 to Nov 2024
DMG Blockchain Solutions (TSXV:DMGI)
Historical Stock Chart
From Nov 2023 to Nov 2024