VANCOUVER – DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) a vertically integrated blockchain and cryptocurrency technology company announced that Ecopwrs LLC from Wyoming, USA has selected DMG to lead the development and management of its Bitcoin mining operations in the Permian Basin of the United States.
This initial project will be for 25 MW of flare gas converted for use in Bitcoin mining. Ecopwrs reduces natural gas flaring by using gas to generate electric power and operate Bitcoin mining servers at well sites. This low-cost power improves margins for Bitcoin mining while reducing carbon emissions at Ecopwrs’ sites in the Permian Basin of Texas and New Mexico, which will be developed, in cooperation with DMG, as the exclusive Bitcoin mining operator.
“The sites will be powered by recovering and using wasted natural gas at current gas flaring and gas processing sites, allowing Ecopwrs to generate electricity for the Bitcoin mining operations at a very low cost,” said Ecopwrs’ CEO John Heffernan. “It’s important to note that electricity is the largest factor determining profitability in Bitcoin mining, and Ecopwrs’ waste gas-based generation will place the production cost for ourselves and our partner DMG among the lowest of all global Bitcoin miners.”
The initial phase of Ecopwrs operations will be deployed across five sites and produce approximately 25 megawatts of energy for the new Bitcoin mining facility to be operated by DMG. Ecopwrs expects its first site will be operational within 75 – 120 days from funding and will generate revenue for DMG from day one of Bitcoin mining operations. Ecopwrs’ overall business plan is to deploy approximately 25 sites, and DMG will be the exclusive Bitcoin mining operator for all sites.
“DMG is focused on continuously growing its Bitcoin mining operations, as we are fully convinced that cryptocurrencies in general, and Bitcoin in particular, have tremendous potential for both short- and long-term growth,” said DMG’s COO, Sheldon Bennett. “DMG is proud to expand its large-scale Bitcoin mining operations into the U.S. as we continue to create energy-efficient Bitcoin mining solutions wherever we operate.”
Ecopwrs reduces natural gas flaring by using gas to generate electric power and operate Bitcoin mining servers at well sites. This low-cost power enables highly profitable Bitcoin production while reducing carbon emissions and mitigating other environmental impacts. Ecopwrs LLC was built from the ground up to solve these problems in a clever and ground-breaking way, which will not only help the environment but provide a new low-cost means for mining Bitcoin. The sites will be powered by recovering and using wasted natural gas at current gas flaring and gas processing sites in the Permian Basin of Texas and New Mexico.
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.
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