News
DMG Blockchain Solutions announces April mining results
VANCOUVER, British Columbia, May 7, 2024 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANGFURT: 6AX) (“DMG” or the “Company”), a Company of vertically integrated blockchain and data center technology, announces preliminary April 2024 mining results: DMG mined 39.0 bitcoin with a realized hashrate of 0.92 EH/s. DMG’s bitcoin balance as of April 30, 2024 was 467 bitcoins.
To maximize its profitability after the halvening (which occurred on April 19, 2024), DMG improved the efficiency of the legacy fleet via software from 28.4 J/TH to approximately 26 J/TH with a proportional reduction in hashrate from 1 EH/s approximately 0.85 EH/s. This was the main contributor to the hashrate reduction in April compared to the previous month. Additionally, DMG has installed the first of 4,550 ordered units of the new Bitmain T21 miners, which when fully installed and operational, are expected to generate 0.86 EH/s with a miner efficiency of 19 J/TH. The Company still expects its T21 fleet to be fully installed and operational in the current quarter. The installed T21 contribution to the overall April hashrate was de minimis.
Interview with DMG management: the MarketGems podcast
DMG CEO Sheldon Bennett and COO Steven Eliscu were interviewed by Matthew Dunehoo, host of Chesapeake Group’s The MarketGems podcast. During the interview, they provide valuable insights into DMG’s strategic vision, recent accomplishments, and the company’s commitment to technological advancement and sustainability. Watch the full interview at Youtube.
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.com.
Follow @dmgblockchain on Twitter and subscribe to the DMG YouTube channel.
For further information, contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
Tel: 516-222-2560
E-mail: investor@dmgblockchain.com
Spiderweb: www.dmgblockchain.com
Investor Relations Contact
Core IR 516-222-2560
For media inquiries
Jules Abraham
Central IR
917-885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this press release include statements regarding presentation at upcoming conferences, DMG’s strategies and plans, the receipt, installation and operation of additional miners, the expansion of electrical infrastructure, the expected increase in capacity mining, the expected timelines, the expected increase in its hashrate, targeting improvements to its legacy fleet, providing products that enable the monetization of bitcoin transactions, developing and executing the Company’s products and services, increasing auto-mining, the launch 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 the Bitcoin hash rate could materially affect the future performance of DMG’s bitcoin production, and future operating results could also be materially affected by the price of bitcoin and a increased 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 forward-looking terminology 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 preparing any forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those anticipated, due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including but not limited to, market and other factors conditions, volatility of the trading price of the Company’s common stock, business, economic and capital market conditions; the ability to manage operating expenses, which could adversely affect the Company’s financial condition; the ability to remain competitive while other, better-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions, demand and product prices; the demand and price of bitcoins; security threats, including loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more energy to DMG facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on 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 dependence on key personnel. DMG may not actually achieve its plans, projections or expectations. Such statements and information are based on numerous assumptions regarding current 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, the absence of regulations or laws that will prevent the Company from operating its business, its expected costs, its ability to secure sufficient capital to complete its business plans, its ability to achieve its objectives, and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG securities are considered highly speculative due to the nature of DMG’s business. For further information regarding these and other risks and uncertainties, please refer to the Company’s filings at www.sedarplus.ca. Furthermore, 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 contained in forward-looking statements include failure to obtain regulatory approval, continued availability of capital and financing, equipment failures, lack of supply of equipment, energy and infrastructure, failure obtaining any permits needed to operate the business, the impact of technological changes on the industry, the impact of viruses and diseases on the company’s ability to operate, protect equipment and employ staff, competition, security threats including stolen bitcoins to DMG or its customers, consumer confidence in DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, litigation, adverse weather or climate events, increased operating costs, increased costs of equipment and labor, equipment failures, declines in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, government regulations, loss of key employees and advisors, and general economic, market or business conditions. The forward-looking statements contained in this press 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 press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company undertakes no obligation to comment on expectations or statements made by third parties regarding the matters discussed above.
