News
DMG Blockchain Solutions Announces June Operating Results
Blockchain Solutions DMG Inc.
VANCOUVER, British Columbia, July 8, 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, announces its June 2024 operating results.
June 2024 Highlights:
DMG CEO Sheldon Bennett commented, “With respect to the deployment of our 4,550 new Bitmain T21 miners, we continue to expect to power this fleet in July. Additionally, we are encouraged that even with the summer season, we are seeing only modest dips in hashrate during the hottest periods. With the heat dome experience of last year, our mine operations team has added new infrastructure to help protect the mine from severe heat spikes. While the cost of this added infrastructure has been minimal, the improvements have been significant, resulting in a more consistent hashrate over a given 24-hour period. Ultimately, we plan to make additional improvements to our mining fleet to support our near-term hashrate growth target of 1.7 EH/s and beyond.”
About DMG Blockchain Solutions Inc.
DMG is a vertically integrated, green blockchain and data center technology 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 DMG’s YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Website: www.dmgblockchain.com
Investor Relations Contact
IR Core 516-222-2560
For media inquiries
Julius Abraham
IR Core
Phone Number: 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 press release.
Cautionary Note on 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 DMG’s strategies and plans, anticipated realized hashrate growth, implementation of new capacity, anticipated arrival of new miners, expected timelines, additional improvements to the mining fleet to support the near-term hashrate growth target of 1.7 EH/s and beyond, the opportunity and plans to monetize bitcoin transactions, continued investment in software infrastructure and Bitcoin network applications, the development and execution of the Company’s products and services, the increase in auto-mining, efforts to improve the operation of its mining fleet, product and service launches, events, courses of action and the potential of the Company’s technology and operations, among other things, are all forward-looking information.
The story continues
Any future changes in the overall Bitcoin network mining difficulty rate or Bitcoin hash rate could materially impact DMG’s future Bitcoin production performance; furthermore, future operating results could be materially affected by the price of Bitcoin and an increase in the mining difficulty of the hash rate.
Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking wording such as “may,” “expect,” “estimate,” “anticipate,” “intend,” “believe” and “continue” or the negative of these 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 could cause actual results to differ materially from those projected due to 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 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-financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and product demand and prices; demand for and prices of bitcoin; security threats, including the loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; inability to add more capacity to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customer needs; ability to attract, retain and motivate qualified personnel; competition in the industry; impact of technological changes on products and the industry; inability to develop new and innovative products; ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; impact of intellectual property litigation that could materially and adversely affect the business; 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 the Company’s current and future business strategies and the environment in which it will operate in the future, including demand for its products, its ability to successfully develop software, whether there will be regulations or laws that prevent the Company from operating its business, its anticipated costs, its ability to secure sufficient capital to complete its business plans, its ability to achieve its goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are considered highly speculative due to the nature of DMG’s business. For more information about these and other risks and uncertainties, please refer to the Company’s filings at 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 the 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 to obtain permits required to operate the business, impact of technological changes on the industry, impact of viruses and diseases on the Company’s ability to operate, protect equipment and hire personnel, competition, security threats, including bitcoin stolen by DMG or its customers, consumer sentiment toward DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increased operating costs, increased costs of equipment and labor, equipment failures, decline in the price of Bitcoin, failure of counterparties to fulfill contractual obligations, government regulation, loss of key employees and consultants, 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. Further, the Company undertakes no obligation to comment on the expectations or statements made by third parties regarding the matters discussed above.
