VANCOUVER, British Columbia, February 6, 2024 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”) , DMG, a vertically integrated blockchain and cryptocurrency technology company, announced preliminary mining results for January 2024. DMG mined 53.5 Bitcoins with a realized hashrate of 0.89 EH/s. DMG’s Bitcoin balance as of January 31, 2024 was 468 Bitcoins. As previously reported, DMG experienced a 3.5-day substation outage, which negatively impacted January mining results. Despite this obstacle, the company is working to bring its fleet closer to his 1.2 EH/s nameplate hash rate.
About DMG Blockchain Solutions Co., Ltd.
DMG is a green, vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable business is divided into two business lines under the Core and Core+ strategies and integrated through DMG’s vertical integration.
Future changes in the mining difficulty of the Bitcoin network as a whole or the Bitcoin hash rate could materially impact DMG’s future performance of Bitcoin production, and future performance will depend on the price of Bitcoin and Increased hashrate mining difficulty can also be significantly affected.
To learn more about DMG blockchain solutions, please visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
For more information, please contact us below.
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
Phone number: 516-222-2560
Investor information contact information:
Core IR 516-222-2560
Media inquiries contact information:
Neither 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 news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements that are based on current expectations. Forward-looking statements contained in this news release include DMG’s strategy and plans, the anticipated increase in realized hashrate in the coming months, the development and execution of our products and services, the increase in self-mining, our Contains a description of efforts to improve operations. Among other things, our mining fleet, product and service launches, events, courses of action, and the potential of our technology and operations are all forward-looking information.
Future changes in mining difficulty or Bitcoin hashrate across the Bitcoin network could materially impact DMG’s future performance of Bitcoin production, and future performance will depend on Bitcoin price and hashrate. Increased mining difficulty may also have a significant impact.
Forward-looking statements consist of statements that are not purely historical, such as statements regarding beliefs, plans, expectations and intentions regarding the future. Such information generally includes forward-looking words such as “may,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” and “continues”; or its negation, or similar variations. . Readers are cautioned that the assumptions used in preparing forward-looking information may prove to be incorrect. Events and circumstances may cause actual results to differ materially from those anticipated as a result of a number of known and unknown risks, uncertainties and other factors, including market and other factors. including but not limited to, are beyond our control. fluctuations in the trading price of our common stock, business, economic and capital market conditions; our ability to control operating expenses, which could adversely affect our financial condition; our ability to remain competitive even as other better-funded competitors develop and release competitive products; Regulatory uncertainty. Access to equipment. market conditions and product demand and prices; Bitcoin demand and pricing. Security threats including loss/theft of DMG Bitcoins. DMG’s relationships with its customers, distributors and business partners; Unable to add more power to DMG facilities. DMG is able to define, design, and release new products that meet customer needs in a timely manner. our ability to attract, retain and motivate talented people; Competition within the industry. The impact of technological change on products and industries. Failure to develop new and innovative products. our ability to adequately maintain and enforce our intellectual property rights and defend against claims of intellectual property infringement by third parties; the impact of intellectual property litigation, which could materially and adversely affect our 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 a number of assumptions regarding our current and future business strategies and the environment in which we will operate in the future, including demand for our products, our ability to successfully develop software, and the absence of regulations and laws. This will interfere with our business operations, anticipated costs, ability to secure sufficient capital to complete our business plans, ability to achieve our 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 regarding these and other risks and uncertainties, please refer to the Company’s filings at www.sedarplus.ca. Additionally, 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 the failure to obtain regulatory approvals, the continued availability of capital and financing, equipment failures, equipment and power , lack of infrastructure supply, and inability to obtain permits. the requirements necessary to operate our business, the impact of technology changes on our industry, the impact of COVID-19 and other viruses and diseases on our ability to operate our company, protect our equipment and hire talent, competition, and theft from DMG and DMG. security threats involving Bitcoin; consumer sentiment towards DMG’s customers, DMG’s products, services and blockchain technology generally; failure to develop new and innovative products; litigation; adverse weather or climate change; increased operating costs; , increases in equipment and labor costs, equipment failures, price declines in the price of Bitcoin, counterparties’ failure to fulfill their contractual obligations, government regulation, loss of key employees and consultants, general economic conditions, the market situation, business situation, etc. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on 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. . Further, we are not obligated to comment on the expectations of third parties or statements made by third parties regarding the matters discussed above.