● DMG has ordered new mining equipment which will add 22 Petahash of self-mining, an increase of approximately 50% over current self-mining
● An existing alt-coin DMG hosting client has added to its mining fleet with DMG with 23 Petahash of new Bitcoin mining equipment
● DMG receives specific crypto equipment financing for its purchase of additional miners in order to conserve cash and scale operations
VANCOUVER, British Columbia, April 07, 2020 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (DMGI.V) (DMGGF:OTC US) (6AX.F) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce an increase in both self-mining and hosted mining with the latest generation ASIC technology.
Sheldon Bennett, DMG’s COO commented, “DMG has been testing the latest models of ASIC miners from various manufacturers and, based on capital cost, energy consumption, and mining efficiency, the Company has chosen to begin deployment of additional M30 miners manufactured by MicroBT. The M30s generate 88 TH/s of compute power with an energy consumption of 3,344 watts. We expect the M30 to be profitable for at least 36 months based on the current bitcoin price and forecasted network hash rate changes during this period, including the May 2020 Bitcoin reward halving, as well as DMG’s access to low cost power via our 85MW substation. One of our existing alt-coin clients has also added 23 Petahash of Bitcoin miners for hosting at DMG’s facility. We expect receipt of shipments of all new miners as well as their energization by the end of this month.”
Dan Reitzik, DMG CEO, added “DMG successfully negotiated third party financing for this recent purchase, believed to be one of the first instances of specific crypto equipment financing in the industry. This deployment of capital represents only 20% of the total amount offered to DMG under this non-dilutive debt financing. DMG invested substantial capital…