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
Analysis of DMG’s Year in Review and December 2022 Investor
Presentation:https://www.youtube.com/watch?v=J1qNvlKFRxY
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.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe
to DMG's YouTube channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For Media Inquiries:
Jules Abraham, Head of Communications
CORE IR
(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 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.
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