VANCOUVER – DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) a vertically integrated blockchain and cryptocurrency technology company, reported the purchase and immediate operation of 2,915 bitcoin ASIC miners, which is an additional approximate 200 PH/s, with a possibility of 2,500 more ASIC miners from the same supplier (totalling an additional 170 PH/s).
As previously announced, DMG is in the process of retrofitting the first 30 MW of infrastructure to immersion cooling (which can produce approximately 1.0 EH/s of Bitcoin mining), to be completed in the first half of 2021 with another 30 MW to follow in the second half-year (totaling 2.0 EH/s).
DMG is currently in negotiations with other leading Bitcoin mining equipment manufacturers for further purchase orders in accordance with its retrofitting efforts, which would allow additional purchases through the rest of 2021 to meet the company’s hashrate targets.
“DMG’s goal is to provide thought leadership to the cryptocurrency industry, which is why we are focussed on strategies around vertical integration, governance, compliance, and efficiency; hence, our focus on physical technologies such as immersion cooling, along with software technologies found in our Blockseer platforms,” said DMG’s COO, Sheldon Bennett. “DMG has leveraged its long-time industry contacts to find supply in a hot market when, along with the 2,915 miners we have secured, we have a right of first refusal on an additional 2,500 miners from the same supplier.”
As DMG secures further orders to fully occupy its 85MW flagship facility, they will explore the idea of multiple other Bitcoin mining sites to allow for additional hashrate growth in 2022 over and above the previously announced 2021 target of 2.0 EH/s.
Beyond the growth of DMG’s cryptocurrency mining footprint, they are also continuing to grow their software stack (including clean block mining on the Blockseer Pool), automated management of its mining assets with Blockseer Mine Manager, and tool sets for AML and KYC in Walletscore. Further, the company seeks to expand into cryptocurrency transactions and integration with traditional financial institutions and crypto-focused exchanges.
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. DMG’s data analytics and forensic services provide technical expertise 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 of controlled products. 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.
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