DMG Blockchain Solutions announces May operating results

DMG Blockchain Solutions Inc.

VANCOUVER, British Columbia, June 5, 2024 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANGFURT: 6AX) (“DMG” or the “Company”), a Vertically integrated blockchain and data center technology company, announces its operating results for May 2024:

May 2024 Highlights:

• Bitcoin mined: 23 BTC

• Hashrate: 0.94 EH/s

• BTC Balance: 449 BTC

In May 2024, DMG mined 23 bitcoins with an average monthly realized hashrate of 0.94 exahash per second (EH/s). These results demonstrate the Company’s ongoing commitment to optimizing its mining operations and increasing efficiency. DMG’s bitcoin balance as of May 31, 2024 is 449 BTC, reflecting our strategic approach to growth and asset management. This reserve positions DMG favorably for future opportunities to deploy its capital.

As an operational update, DMG now forecasts that its Bitmain T21 mining fleet is expected to generate 0.86 EH/s operational in July 2024, lagging previous guidance in late June. The Company expects to have its T21 miners fully installed in its mining containers by the end of June or shortly thereafter. However, the miners will not be powered until they are connected to the Company’s distribution line. Extended lead times for interconnecting components are delaying the commissioning of new mining containers. Combined with its new fleet of fully energized T21s, the Company expects its total fleet hashrate to generate approximately 1.7 EH/s with a mixed fleet efficiency of approximately 23 J/TH.

Assignment of stock options

DMG also announces that it has assigned n. 1,406,090 stock options (“Options”) to employees and directors of the Company. The Options are exercisable for a period of five years at a price of $0.61 per share and will vest at the rate of 25% on each of the six, twelve, eighteen and twenty-four month anniversaries from the date of grant.

About DMG Blockchain Solutions Inc.

DMG is an environmentally friendly, vertically integrated blockchain technology 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 Twitter and sign up to DMG’s YouTube channel.

For further information, contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO and Director
Tel: 516-222-2560
E-mail: investor@dmgblockchain.com
Spiderweb: www.dmgblockchain.com

The story continues

Investor Relations Contact
Core IR 516-222-2560

For media inquiries
Jules Abraham
Central IR
917-885-7378
julesa@coreir.com

Neither the TSX Venture Exchange nor its Regulation Services 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 Regarding 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, the expected increase in realized hashrate, the deployment of new capacity, the expected arrival of new miners, the expected timing (including the delay of interconnect components), the expected arrival and installation of T21 miners, the opportunity and plans to monetize bitcoin transactions, continued investment in Bitcoin network infrastructure and software applications, product development and execution and services of the Company, the increase of 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, it is all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty rate or the Bitcoin hash rate could materially affect the future performance of DMG’s bitcoin production, and future operating results could also be materially affected by the price of bitcoin and a increased 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 forward-looking terminology 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 preparing any forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those anticipated, due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including but not limited to, market and other factors conditions, volatility of 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-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions, demand and product prices; the demand and price of bitcoins; security threats, including loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more energy to DMG facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on 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 dependence on key personnel. DMG may not actually achieve its plans, projections or expectations. Such statements and information are based on numerous assumptions regarding current 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, the absence of regulations or laws that will prevent the Company from operating its business, its expected costs, its ability to secure sufficient capital to complete its business plans, its ability to achieve its objectives, and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG securities are considered highly speculative due to the nature of DMG’s business. For further information regarding these and other risks and uncertainties, please refer to the Company’s filings at www.sedarplus.ca. Furthermore, 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 contained in 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 obtaining any permits necessary to operate the business, the impact of technological changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, protect equipment and employ personnel, competition, security threats including bitcoins stolen from DMG or its customers, consumer sentiment toward DMG products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increased operating costs, increased equipment and labor costs, equipment failures, declines in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, government regulations, loss of key employees and advisors, 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. Furthermore, the Company undertakes no obligation to comment on expectations or statements made by third parties regarding the matters discussed above.

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