VANCOUVER, British Columbia, July 14, 2021 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) (“DMG” or the “Company”), a publicly traded, vertically integrated blockchain and cryptocurrency technology company, is pleased to announce the purchase of 2,450 Bitcoin ASIC miners from Bitmain which is expected to add approximately 245 additional Petahash per second (PH/s) to DMG’s Bitcoin mining capacity following anticipated installation by the end of August, 2021. Delivery of these miners to DMG’s facility are subject to change given macro factors including but not limited to shipping logistics and customs processing.
Once fully installed and operating, DMG estimates that these miners (Antminer S19J Pro) will have a nine (9) month payback period which is well within the Company’s stated 12-month return on investment (ROI) strategy for Bitcoin mining hardware1. Additionally, DMG expects these miners to contribute positively to the Company’s revenues and cash flow1.
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“DMG is capitalizing on the declining mining equipment prices in Asia by spot purchasing new-generation bitcoin mining equipment at an approximately 60% lower price than just a month ago,” stated DMG’s CEO, Sheldon Bennett. “While it was hard to resist purchasing Bitcoin miners over the past few months during their all-time high cost, DMG held strong knowing, from our past buying experiences, that, although the hardware market remains extremely active, it is important to secure the appropriate equipment at the right price to receive optimum value. We believe this purchase, along with other purchases that DMG is currently negotiating, will greatly improve our self-mining goals in the near term.”
DMG’s Bitcoin Reserve
DMG currently holds approximately 260 Bitcoins. These newly purchased miners, once fully operating, are expected to add approximately 50 additional Bitcoin per month.
DMG’s ESG Commitment
Terra Pool, DMG’s partnership with Argo Blockchain, is planned to be used for this allotment of Bitcoin miners, which again shows DMG’s commitment to sustainability sourced power in Bitcoin mining and adhering to the policies of a Signatory of the Crypto Climate Accord.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable businesses are segmented into three main divisions: data centre operations, data analytics and forensics and developing enterprise blockchains. DMG’s non-polluting data centre operations focus on earning eco-friendly revenues from block rewards and transaction fees by mining primarily bitcoin as well as providing hosting services for industrial mining clients entirely powered by renewable energy. 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 environmentally committed management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry and a strong ecological consciousness.
Difficulty Rate / Hashrate
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. Additionally, all discussions of metrics assume mining difficulty rates as of July 2021.
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