DMG adds New Industrial Mining Client, Ceases Management of Texas Operation, and Provides Update from recent AGM TSX Venture Exchange:DMGI

Highlights:

  • Bitmain has shipped 1,000 new miners (approximately 1.5MW of power) to DMG’s Christina Lake facility on behalf of a new US-based crypto mining client
  • Management of Texas Operation has not proven to be cost efficient or effective for both partners, but both companies are actively exploring other opportunities for collaboration
  • All matters voted on at AGM approved by shareholders

VANCOUVER, British Columbia, Jan. 06, 2020 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce that it has been engaged to host 1,000 new miners for a new client based in the US. Bitmain shipped the miners on behalf of the client to DMG’s Christina Lake facility in late December and DMG has now completed the installation and has the miners fully operational.

This shipment from DMG’s new client will consume approximately 1.5MW of power. DMG’s COO Sheldon Bennett commented, “We are excited to begin working with this new client and are confident that they will be one of many we add during 2020. DMG made a decision to focus on attracting large scale hosting clients as profitable crypto-mining is a function of creating cost efficiencies, and our mining facility is well suited for industrial miners.”

As part of an exploratory agreement announced in October 2019, DMG has been managing Bitmain’s Texas facility and installed approximately 15,000 next generation miners. DMG and Bitmain have mutually terminated the existing management agreement as cost and operational efficiencies have not materialized as planned. DMG and Bitmain continue to explore opportunities for collaboration including DMG’s Christina Lake facility, and new sites that are of joint interest.

DMG also announces that all resolutions at the recent Annual General Meeting of shareholders passed…

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