DMG Blockchain Solutions Announces Operational Update

VANCOUVER, British Columbia, Jan. 17, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces an operational update:

• New Mining Capacity: DMG is progressing with the deployment of approximately 36 megawatts of containerized mining capacity on its Christina Lake mining facility property. Concurrently, DMG has upgraded its mine network infrastructure to support the additional miners and add network redundancy.

• Miner Deployment Plan: The Company expects to be able to house both its ordered 4,550 units of new Bitmain T21 miners, which should generate approximately 1 EH/s of new hashrate capacity once installed and operating, as well as all of its more efficient legacy fleet, including approximately 2,150 units of Bitmain S19 XP miners. The Company expects this deployment to largely occur in the June 2024 quarter.

• Substation Maintenance: During the upgrade process to enable the additional 36 megawatts of containerized mining, DMG also upgraded its main electrical distribution line as well as perform maintenance work on its substation over the past week, resulting in a total downtime of approximately 3.5 days. Substation downtime of a similar duration for regular maintenance is likely to occur this summer.

• Immersion Cooling Update: DMG is still in the process of building the initial infrastructure for its first 12-megawatt tranche of immersion cooling technology with initial testing expected to occur in Spring 2024. The current plan of record remains to utilize a portion of DMG’s S19j Pro fleet retrofitted to work in immersion and potentially purchase some new immersion-ready miners for deployment of the first 12 megawatts.
  

DMG’s CEO, Sheldon Bennett commented, “DMG is undertaking its most significant mining facility expansion since its inception, doubling its mining electrical capacity to 72 megawatts, which should enable it to more than double its hashrate when fully facilitated with new generation mining equipment. We are focused on ensuring that our most advanced air-cooled miners are housed such that they can successfully operate in the summer heat, while simultaneously bringing up our immersion cooled capacity in the lowest risk fashion.”