VANCOUVER, British Columbia, Feb. 20, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces it will release financial results for its first quarter 2024 ending December 31, 2023 on Wednesday, February 21, 2024 after the market close. The Company will host a conference call to review its results and provide a corporate update on Thursday, February 22, 2024 at 4:30 pm ET. Attendees should register in advance here.
Additionally, DMG announces recent operational updates:
- New Mining Capacity: In total, DMG plans to energize 54 mining containers, which will house its ordered 4,550 units of new Bitmain T21 miners, its currently operating S19 XP miners along with some of its less efficient legacy fleet. DMG has received all the major electrical distribution components and mining containers, which are now located either at its Christina Lake data center facility or with its integration partners. The migration of a portion of its existing miners to containers will free up capacity inside DMG’s Christina Lake data center building to expand its immersion cooling infrastructure. Subsequent to the container deployment, DMG’s total electrical capacity will be approximately double its current Christina Lake building capacity of 36 megawatts.
- New Data Center Site: Regarding DMG’s development of a new data center site with access to low-cost reliable renewable energy located in Canada in a province outside of British Columbia, there has been significant progress towards receiving regulatory approvals for power. In addition, the Company is proceeding with its capital outlay plan and is working towards executing a binding agreement. Further information will be provided if and when the definitive agreement and regulatory approvals are obtained for this new data center site.
- Immersion Cooling Technology: After a long period of engineering development, DMG has ordered its first production environment immersion cooling tanks with the goal to have an initial closed loop set-up completed in the June 2024 quarter. Subsequent to this initial build-out, the Company will then purchase the remainder of the equipment necessary to energize the first 12-megawatt phase. In addition, DMG has selected a deployment partner that is located near its Christina Lake facility with which it has a long standing relationship. For this first phase of immersion cooling, the Company intends to operate using primarily legacy miners to prove out the technology.
DMG’s CEO, Sheldon Bennett commented, “DMG is making good progress to transform its Christina Lake data center facility and to proceed with the development of our potential second site that will enable us to grow beyond 2 EH/s capacity. As we look at how Bitcoin mining infrastructure is continuing to evolve, we are staying at the forefront with deployment of immersion cooling technology along with infrastructure for a new generation of highly efficient miners that run on 3-phase power.”
New Loan to Bosonic
DMG announces it has provided a total of an additional US$600,000 of debt financing to Bosonic, Inc. to support its continued development and help enable it to sustain cash flow positive operations. As of September 30, 2023, DMG had provided US$150,000 of debt and during the three months ended December 31, 2023, DMG had provided a further US$450,000 of debt to Bosonic. The debt is interest bearing at 7.5% and is due within 18 months.
DMG Engages Power Mining Analysis Ltd.
DMG announces it has engaged Power Mining Analysis Ltd. to support DMG’s marketing efforts to increase awareness and show how it performs as a Bitcoin miner relative to its peer group. Power Mining Analysis was founded by Anthony Power and Bryce McNallie, both well-known Bitcoin mining industry analysts. This engagement began on February 1, 2024 at a cost of US$3,500 per month.
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 X and subscribe to DMG's YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.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 DMG’s strategies and plans, the expected increase in realized hashrate, completing the build and upgrades for immersion cooling, expected substation maintenance, the deployment of new capacity, the expected arrival of new miners, to acquire a new data center, the expected timelines, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, 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 hash rate 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 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 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 Covid-19 or other 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 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.
