VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces January preliminary operational results.
DMG’s January Operating Results
DMG mined 100.2 bitcoin with 0.91 EH/s realized hashrate. DMG’s bitcoin balance as of January 31, 2023 was 413.8 bitcoin. Depending on the timing to receive shipments of ordered miners, DMG expects to grow its hashrate to 1 EH/s in early 2023; this is subject to the receipt, installation and operation of the additional miners.
Petra Completion
DMG is excited to announce that its Petra platform has been used to successfully submit multiple transactions to the Bitcoin blockchain. Petra as a platform is designed to bring subscribers enhanced options when initiating crypto transactions, including KYC on wallets, AML on transactions and routing via DMG’s Terra Pool, a carbon neutral mining pool. DMG has created a way for bitcoin network participants to make a choice if they want to ensure that the movement of their coins is done with minimal carbon footprint. Over the past few days multiple blocks have moved bitcoin using the Petra platform. As well, DMG has moved the first batch of ordinals using Petra on Terra Pool. “Using DMG’s Blockseer suite of technologies, we have introduced an option for companies and individuals who have particular interest in governance, regulatory issues, and ESG goals. The goal of these products is to give greater optionality than was previously available to those individuals and organizations in how they can choose to interact with the bitcoin blockchain,” commented DMG’s CTO Adrian Glover.
DMGI Podcasts on McNallie Money
We encourage investors to listen to two recent YouTube podcasts on McNallie Money: Interview with CEO Sheldon Bennett and COO Steven Eliscu: https://www.youtube.com/watch?v=5D7RdJaLdjQ
Please note that the opinion of McNallie Money is the opinion of Bryce McNallie, and DMG had no role in the production or editing of these videos, nor was it paid for.
CEO Sheldon Bennett Appears Before Canadian House of Commons
On February 1, 2023 DMG CEO Sheldon Bennett appeared before the Canadian House of Commons Standing Committee on Industry and Technology to support the activities of the Digital Asset Mining Coalition, which is defending the Canadian Bitcoin mining industry’s eligibility for input tax credits for the process of mining bitcoin. Mr. Bennett’s testimony can be found at https://www.ourcommons.ca/Committees/en/WitnessMeetings?witnessId=294204.
Accounting Standards Board’s Crypto-Asset Working Group
DMG’s CEO, Sheldon Bennett, has been Invited to this working group due to his many years working as a technical specialist in audit and legal matters. “I look forward to being part of the ASB’s working group for this important work to shape future standards in this evolving industry,” commented Mr. Bennett.
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 two business lines under the Core and Core+ strategies and unified through DMG's vertical integration.
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 operating results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.
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 news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding growth and expectations of the Company’s Petra platform, developing and executing on the Company's products and services, the increase in Bitcoin self-mining and achieving its target of 1 EH/s by early 2023, the expected arrival of new miners and the increased hashrate once the miners are installed and operating, the launch of products and services, events, courses of action, and the potential of the Company's technology and operations, among others, are all forward-looking information.
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 forwarding-looking wording 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 the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of 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 common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products and services; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG's bitcoin; DMG's relationships with its customers, distributors and business partners; the inability to add more power to DMG's facilities; DMG's ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the 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 the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products and services, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company's filings on www.SEDAR.com. 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 forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, adverse weather and climate events, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news 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 news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
