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.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham, Head of Public Relations
CORE IR
jabraham@coreir.com