DMG Blockchain Solutions Purchases 2,915 ASIC Miners for Immediate Use

VANCOUVER, British Columbia, March 22, 2021 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, today announces the purchase and immediate operation of 2,915 bitcoin ASIC miners, which is an additional approximate 200 PH/s, with a possibility of 2,500 more ASIC miners from the same supplier (totalling an additional 170 PH/s).

As previously announced, DMG is in the process of retrofitting the first 30 MW of infrastructure to immersion cooling (which can produce approximately 1.0 EH/s of Bitcoin mining), to be completed in the first half of 2021 with another 30 MW to follow in the second half-year (totaling 2.0 EH/s).

DMG is currently in negotiations with other leading Bitcoin mining equipment manufacturers for further purchase orders in accordance with its retrofitting efforts, which would allow additional purchases through the rest of 2021 to meet the Company’s hashrate targets.

“DMG’s goal is to provide thought leadership to the cryptocurrency industry, which is why we are focussed on strategies around vertical integration, governance, compliance, and efficiency; hence, our focus on physical technologies such as immersion cooling, along with software technologies found in our Blockseer platforms,” said DMG’s COO, Sheldon Bennett. “DMG has leveraged its long-time industry contacts to find supply in a hot market when, along with the 2,915 miners we have secured, we have a right of first refusal on an additional 2,500 miners from the same supplier.”

As DMG secures further orders to fully occupy its 85MW flagship facility, the Company will explore the idea of multiple other Bitcoin mining sites to allow for additional hashrate growth in 2022 over and above the previously announced 2021 target of 2.0 EH/s.

Beyond the growth of DMG’s cryptocurrency mining footprint, the Company is also continuing to grow its software stack (including clean block mining on the Blockseer Pool), automated management of its mining assets with Blockseer Mine Manager, and tool sets for AML and KYC in Walletscore. Further, the Company seeks to expand into cryptocurrency transactions and integration with traditional financial institutions and crypto-focused exchanges.