DMG Blockchain Solutions has announced an increase in both self-mining and hosted mining with the latest generation ASIC technology.
Sheldon Bennett, DMG’s COO commented, “DMG has been testing the latest models of ASIC miners from various manufacturers and, based on capital cost, energy consumption, and mining efficiency, the Company has chosen to begin deployment of additional M30 miners manufactured by MicroBT. The M30s generate 88 TH/s of compute power with an energy consumption of 3,344 watts. We expect the M30 to be profitable for at least 36 months based on the current bitcoin price and forecasted network hash rate changes during this period, including the May 2020 Bitcoin reward halving, as well as DMG’s access to low-cost power via our 85MW substation. One of our existing alt-coin clients has also added 23 Petahash of Bitcoin miners for hosting at DMG’s facility. We expect receipt of shipments of all new miners as well as their energization by the end of this month.”
Dan Reitzik, DMG CEO, added, “DMG successfully negotiated third party financing for this recent purchase, believed to be one of the first instances of specific crypto equipment financing in the industry. This deployment of capital represents only 20% of the total amount offered to DMG under this non-dilutive debt financing. DMG invested substantial capital in building its state-of-the-art mining facility and related power infrastructure, and the Company’s ability to begin filling the facility with the most cost-efficient mining technologies is no longer reliant on raising additional capital, but instead via equipment financing instruments.”
One of the reasons Bitcoin was created was to combat increasing inflation driven by issuing more and more fiat currency. Bitcoin is by its very nature, deflationary, and with the world’s current challenges and substantially increased printing of money, we see a tremendous upside opportunity for bitcoin price increases in both the near and long term. The Company also announces that Adrian Glover has been promoted to Chief Technology Officer for the Company.
Adrian has spent the past 2 years initially managing the mining facility’s technology infrastructure, and subsequently leading the software team on the Blockseer, Walletscore and Mine Manager software products. DMG’s new CTO, Adrian Glover commented, “I jumped at the opportunity to join DMG two years ago as I believed in the potential of DMG to be an industry leader in the cryptocurrency space. Today I’m just as excited about the prospects we have, both as a mining company, and as a software company focusing on the cryptocurrency mining, software and services space.”