DMG Blockchain Acquires Additional Miners For Undisclosed Cost

DMG Blockchain (TSXV: DMGI) is expanding its crypto mining capacity. The company this morning announced that it has purchased an additional 3,600 bitcoin miners for an undisclosed price.

The addition of 3,600 miners is expected to add an additional 360 PH/s in hashrate to the firms operations, which is to bring the current capacity of the company to “well over 500 PH/s.” Delivery of the miners is set to begin in August, and continue over the course of the following twelve months. Specifics on unit delivery timelines were not provided.

The company is reportedly holding discussions with bitcoin mining equipment manufacturers regularly for further orders, with orders being made based on current retrofitting schedules for its facilities. The company is currently looking to complete its 85 MW flagship facility, while exploring other mining sites for growth into 2022.

Financial details of the transaction were not provided.

DMG Blockchain last traded at $1.65 on the TSX Venture.


Information for this analysis was found via Sedar and DMG Blockchain Solutions. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Bill Gates: Cryptocurrencies are ‘Based on Greater Fool Theory’

Microsoft cofounder and billionaire Bill Gates continues to throw shade at cryptocurrencies and NFTs, scoffing...

Wednesday, June 15, 2022, 11:43:23 AM

El Salvador’s Bukele Snubs Washington’s Concerns Over Bitcoin

El Salvador’s president Nayib Bukele rebuked America’s concern over his country’s adoption of bitcoin, reminding...

Friday, February 18, 2022, 10:49:00 AM

Ray Dalio: If Cryptocurrencies Succeed, Regulators Will ‘Kill it’

Famed investor Ray Dalio has warned that governments will destroy crypto markets if bitcoin gains...

Thursday, September 16, 2021, 11:40:00 AM

Digimax To Launch Trial Of AI Based Crypto Trading Tool In December

Digimax Global Solutions (CSE: DIGI) this morning announced that it will be offering a free...

Friday, November 6, 2020, 07:56:45 AM

Is It Delulu To Wait On Spot Bitcoin ETF? Approval Anticipated On Friday

Eric Balchunas, a senior ETF analyst at Bloomberg, has signaled that the US Securities and...

Friday, January 5, 2024, 10:17:00 AM