VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSXV: DMGI) (DMGGF: OTCQB) (FSE: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company is pleased to provide an update regarding its Core+ operations, following up on its conference call held on April 22, 2021.
DMG Core+ Strategy
The Company has been aggressively focusing on its Core+ software platforms, following the development of its Core+ data centre infrastructure. All DMG software operates under the Blockseer brand, a 100% owned subsidiary of DMG. Blockseer has a range of crypto-specific services already operating, which include Explorer, Walletscore, Pool, and Mine Manager. As of today, Blockseer’s Pool platform, a licenced technology which includes “Clean Block” mining, is operating over 1 Exahash (1,000 Petahash) for its client.
Normally a pool will charge an average of 2% for its fees to users. Over a single week of mining with approximately 1 Exahash (1,000 Petahash) at today’s bitcoin price, it would be expected that pool fees charged would be approximately USD$45,000 per week per Exahash. DMG, licensing its technology, takes a negotiated fee via its overall pool fee for Blockseer’s services and technologies.
The Blockseer Pool is currently producing blocks at its statistically expected rate which, with its current hashrate, will generate approximately 225 bitcoin per month. As a critical component of our Core+ services, Blockseer’s mining pool is now an active revenue generator; with over 1 Eh/s running on the pool network for DMG’s client.
“I am incredibly proud of my team, and their diligent work over the last year to take our Blockseer Pool offering from inception to production. This represents the next step in DMG’s focus towards full vertical integration in the creation of bitcoin, and is the foundation for becoming more involved in the entire bitcoin ecosystem,” said Adrian Glover, Chief Technology Officer of DMG.
“DMG is very excited for the ongoing growth of the Blockseer platforms,” commented Sheldon Bennett, DMG’s CEO. “We now have four operating platforms (Explorer, Walletscore, Pool and Mine Manager), and with the coming additions of Breeze and Freeze (Blockseer’s custody wallet solutions), and Petra, which is now patent pending, and focuses on solving regulatory issues for banks and financial institutions as they add Bitcoin operations. In the coming months, as we move forward with our plans to add crypto exchange capabilities to Blockseer, DMG is investing significantly in new revenue generating products beyond pure crypto mining.”
About DMG Blockchain Solutions Inc.
DMG is a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s businesses are segmented into three main divisions: data centre operations, data analytics and forensics and developing enterprise blockchains. DMG’s data centre operations focus on earning revenues from block rewards and transaction fees by mining primarily bitcoin as well as providing hosting services for industrial mining clients. DMG’s data analytics and forensic services provide technical expertise software products such as Blockseer Pool, Mine Manager and Walletscore, as well as working with auditors, law firms, and law enforcement organizations. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry.
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 operational 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
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham, Head of Public Relations
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 based on current expectations. Forward-looking statements contained in this news release include statements regarding the development and use of the Blockseer products and services, the expectations and revenues from licensing software, the development of Freeze and Breeze products, the plans to add crypto exchange capabilities, 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, 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; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; 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, 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.
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, 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 bitcoins 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.