VANCOUVER – DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX), a vertically integrated blockchain and cryptocurrency technology company, reported the purchase of 3,600 bitcoin ASIC miners, which is an additional approximate 360 PH/s, increasing DMG’s total hashrate to well over 500 PH/s.
DMG says it is regularly evaluating and negotiating with leading Bitcoin mining equipment manufacturers for further purchase orders in accordance with its immersion retrofitting schedule, which facilitates additional purchases, as appropriate, to continue to meet the Company‘s 2021 hashrate targets. Delivery of these miners is expected to begin in August 2021 and continue for the next 12 months.
“DMG continues to focus on leading development of the state of the art in cryptocurrency mining, including immersion cooling and Blockseer’s software platforms,” said DMG’s CEO, Sheldon Bennett. “While the hardware market remains extremely active, our established presence in the industry ensures we will continue to secure the appropriate equipment to maximize our business and provide continued optimized value for our shareholders.”
As previously noted, DMG continues to build infrastructure and add equipment in order to fully occupy its 85 MW flagship facility, the Company will explore the possibility of multiple other Bitcoin mining sites to allow for additional hashrate growth leading into 2022.
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.
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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