DMG Blockchain Solutions provides mining, Petra updates; The COO purchases shares on the open market | Daily News Byte

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VANCOUVER, British Columbia, December 23, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCKB: DMGGF) (FSE: 6AKS) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces that it has received most of the equipment it ordered from Bitmain: 785 PH /s of the S19j Pro model and 210 PH/s of the S19 KSP model, which allows almost 1 EH/s of mining capacity. DMG expects to achieve more than 1 EH/s in early 2023 when it receives the remaining batch – 42 PH/s S19 KSP. The company also plans to order additional miners based on its accumulated credit with Bitmain, as well as make opportunistic purchases of miners on the open market.

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In addition, DMG has made significant progress in upgrading its Terra Pool software and expects to launch its first Petra transactions through Terra Pool on the Bitcoin mainnet in early 2023. Petra will enable the movement of bitcoins using carbon-neutral energy sources and work together with its Walletscore technology , which removes transactions with wallet addresses blacklisted by the US Department of the Treasury’s OFAC (Office of Foreign Assets Control).

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DMG CEO Sheldon Bennett commented: “With Petra and Walletscore deployed together, we remain optimistic that DMG can enable Bitcoin transactions to take place in a carbon-neutral manner, ahead of likely tighter regulations following the FTX crash.”

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The COO buys company stock

The company also announces that Steven Eliscu, CEO of DMG, recently purchased 100,000 shares of DMG stock in an open market purchase.

“As we pursue our goals to build the core of a leading Bitcoin mining infrastructure along with an ecosystem of software and services to monetize Bitcoin transactions, which we call Core+, I reaffirm my belief that DMG has the potential to create significant value,” added Mr. Elisku.

Grant of stock options

DMG also announces that it has granted 914,800 stock options (“Options”) to employees and directors of the Company. The options are exercisable over five years at $0.18 per share and will vest up to 25% on each of the six, 12, 18 and 24 month anniversaries of the grant date.

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About Terra Pool

Terra Pool is a cryptocurrency mining platform operated by DMG’s software company Blockseer. Terra Pool is the world’s first Bitcoin mining pool focused on clean energy. The purpose of this initiative is to accelerate the transition from conventional power to clean energy and reduce the environmental impact of Bitcoin mining. Terra Pool pools the computing power of individual miners and then shares received rewards and transaction fees proportionally among them, so that miners are rewarded more consistently.

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 for the monetization of the blockchain ecosystem. DMG’s viable businesses are segmented into two business lines within the Core and Core+ strategies and unified through DMG’s vertical integration.

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Future changes in Bitcoin network-wide mining difficulty or Bitcoin hashrate could materially affect DMG’s future Bitcoin production performance, and future operating results could also be materially affected by Bitcoin prices and increases in mining hashrate .

For more information about 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

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For media inquiries:

Jules Abraham, Head of Communications

CORE IR

(917) 885-7378

julesa@coreir.com

Neither TSKS Venture Exchange nor its regulation service provider (as that term is defined in TSKS Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this announcement.

Caution regarding forward-looking information

This release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this release include statements regarding the growth and expectations of Terra Pool, as well as its Petra and Walletscore technologies, the development and performance of the Company’s products and services, the scaling up of standalone Bitcoin mining and the achievement of the 1 EH/s target , the expected arrival of new miners and increased hashrate when miners are installed and operating, product and service launches, events, courses of action and the potential of the company’s technology and business, among others, are all forward-looking information.

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Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking language such as “may,” “expect,” “estimate,” “anticipate,” “intend,” “believe” and “continue,” or negative or similar variations thereof. The reader is cautioned that the 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 anticipated as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including, but not limited to, market and other conditions, price volatility trading of the Company’s ordinary shares, business conditions, economic and market conditions; the ability to manage business costs, which may negatively affect the Company’s financial condition; the ability to remain competitive while other better-funded competitors develop and release competing products; regulatory uncertainties; access to equipment; market conditions and demand and prices for products and services; Bitcoin demand and price; security threats, including loss/theft of DMG’s Bitcoin; DMG’s relations with its customers, distributors and business partners; inability to add more power to DMG objects; DMG’s ability to successfully define, design and release new products in a timely manner that meet customer needs; the ability to attract, retain and motivate qualified staff; competition in the industry; impact of technological changes on products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend claims by third parties alleging infringement of their intellectual property rights; the impact of litigation related to intellectual property that could materially and adversely affect the business; ability to manage working capital; and dependence on key personnel. DMG may not actually achieve its plans, projections or expectations. Such statements and information are based on a number of assumptions regarding current and future business strategies and the environment in which the Company will operate in the future, including demand for its products and services, ability to successfully develop software, that there will be no regulation. or law that will prevent the Company from conducting its business, anticipated expenses, ability to secure sufficient capital to complete its business plans, 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. DMG’s securities are considered highly speculative due to the nature of DMG’s business. For further information regarding these and other risks and uncertainties, please see the Company’s filing at www.SEDAR.com. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

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Factors that could cause actual results to differ materially from those in forward-looking statements include, the inability 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 license required to conduct business, impact of technological changes on the industry, impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, provide equipment and employ personnel, competition, security threats including stolen Bitcoin from DMG- and or its customers, consumer sentiment toward DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, litigation, increases in operating costs, increases in equipment and labor costs, decreases in the price of bitcoin, non-fulfillment of contractual obligations by contractual parties, state regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to rely on any forward-looking information. Forward-looking statements contained in this press release are made as of the date of this release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the Company undertakes no obligation to comment on the expectations or statements of third parties regarding the matters discussed above.