The Facility - One of North America’s Largest - Runs on Clean Hydroelectric Power
Highlights:
- DMG today energized its substation in Western Canada, an area with abundant hydroelectric power
- DMG’s substation will bring reliable, low cost energy to its operations and its third party hosted customers through Mining as a Service (MaaS)
- DMG’s engineering, construction and commissioning was one of the lowest cost and fastest builds executed in the power industry
- The flagship facility will start with 60 megawatts, expandable to 85 megawatts, making it one of North America’s largest Bitcoin & Crypto Mining Facilities
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG”or the“Company”), a diversified blockchain and cryptocurrency company, announced that it has successfully energized up to 60 megawatts of its 85 megawatt crypto mine.
DMG’s 27,000 square foot crypto mining-as-a-service (MaaS) operation sits on 34 acres in British Columbia, Canada and is one of the largest such operations in North America. The facility is currently using clean hydroelectric power, and will not have any impact on the power needs of the local community.
“In Boundary Electric’s 71 years of business, we have never seen a demand in the electrical manufacturing industry quite like what is being generated from the crypto space. The opportunity to collaborate with DMG on projects has brought to the forefront their commitment to creative solutions facing their industry. DMG’s approach to the design process highlights a partnership strategy focusing on cost effective solutions without compromising quality,” said Dave Evdokimoff, CEO of Boundary Electric.
DMG’s green-powered crypto mine took nearly a year to complete and included building its own road, installing its own power substation, and creating many jobs.
Jason Wolfe, Director of Energy Solutions at FortisBC added, “FortisBC is excited to be working with DMG on this project. Not only is DMG one of the largest electric customers we have ever connected, but it’s an emerging industry that’s providing new opportunity for rural communities.”
The power that DMG is bringing to its new facility is enough to power a city of 50,000 homes, but is independent from the local community grid.
“DMG now proudly owns one of the largest, most cost-efficient, bitcoin mining facilities in North America--and we’re doing it in a responsible way with the local community,” said Dan Reitzik, CEO of DMG Blockchain Solutions. "It was an audacious undertaking, but DMG's executive team has been in the mining space for years, and we have the know-how and connections with the utilities and government agencies to pull it off.”
DMG Blockchain also announces that Simon Padgett has stepped down as a Director of the Company.
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About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Direct: 778-868-6470
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, the addition of more megawatts of power, product development, 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, 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 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 the 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, 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, 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.
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.