DMG Blockchain Expands Bitcoin Mining Capacity By 200 PH/s

DMG Blockchain (TSXV: DMGI) this morning announced the purchase of additional crypto miners. The firm has acquired 2,915 additional bitcoin ASIC miners, which have gone into immediate operation for the company.

The additional miners are set to add roughly 200 PH/s of computing power to the firms current capacity, with DMG indicating that there is the “possibility” of the firm acquiring an additional 2,500 more miners from the same supplier. The additional miners would add a further 170 PH/s of mining capacity to the company. Negotiations are reportedly ongoing with other suppliers as well as the company continues to retrofit its infrastructure.

The company currently has a 2021 capacity target of 2.0 EH/s, with infrastructure modifications currently underway to support such a capacity. Its 85 MW facility is expected to see 1.0 EH/s capacity by the end of the first half of the year following immersion cooling infrastructure being retrofitted to 30 MW of infrastructure. Further retrofitting in the second half of the year is expected to enable the company to hit this target.

DMG Blockchain last traded at $2.54 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.

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