FAQ

What does DMG stand for?

We started out exclusively as a bitcoin mining company. Hence the name, Digital Mint Group. Since then we have branched out to blockchain platforms, which will utilize the underlying technology for Bitcoin called Blockchain to solve key problems where the automation of trust for the movement of high-value assets among multiple parties can performed in a way that increases efficiency as well as reduces friction and fraud. Key target use cases include supply chain management, Internet-of-Things, identity management and in-network payments. As we are a diversified blockchain and cryptocurrency company, we are now called DMG Blockchain Solutions!

What distinguishes DMG from competitors?

DMG is already profitably mining bitcoins for 1500 customers in Japan, and has a diversified business model that includes blockchain software development as well as forensics and data analytics services for law enforcement customers.

What is Bitcoin Mining?

Mining is the process by which bitcoin transactions are verified and added to the Blockchain, an electronic irrefutable public ledger. The mining process involves solving computationally difficult math equations using specialized computing chips, and the miner who first solves the crypto problem gets to place the next block on the blockchain. Newly created bitcoins and transaction fees are rewarded for this function.

What is (Bitcoin) Mining as a Service?

MaaS is an acronym for ‘Mining-as-a-Service.’ MaaS enables subscribers own bitcoin mining assets, which are built and operated by DMG. Subscribers pay up front for the mining assets and they pay a monthly operations fee. In return, they receive mined bitcoins – it’s that simple. DMG anticipates “stickiness” from a long-term customer base, which is deeply committed to Bitcoin.

How can I mine?

Anyone with internet access powerful computer hardware can participate in mining; however, mining profitably is difficult. In the early days of bitcoin mining, one could use normal desktop computer CPUs and GPUs. Now, specialized ASICs are designed specifically for mining to most efficiently perform calculations. Mining is very competitive and, in order to be done profitably, requires access to the latest computer hardware and low-cost power. That is why a mining specialist like DMG Blockchain Solutions can help.

Where are my miners (servers)?

Your miners are operated in secure, temperature-controlled facilities in Western Canada. DMG controls its own facilities, ensuring miners are maintained to sustain its 99% uptime standard.

What is the Blockchain?

The Blockchain is essentially the automation of trust. Each ‘block’ on the ‘chain’ is a decentralized and timestamped (unhackable) digital ledger that publicly records a transaction which therefore enables peer to peer transactions to take place directly between participants in a network without third party intermediaries (e.g. banks, in the case of financial trades) having to police the transactions.

What are some of the use cases of Blockchain?

Many people know of blockchain as the enabling technology behind Bitcoin and other cryptocurrencies, but there are a variety of industrial uses for the blockchain such as:
– Guaranteeing authenticity in a supply chain (e.g. farm-to-table organic foods; ethical diamonds, pharmaceutical drugs manufacture).
– Warranting Real Estate escrow transfers (eliminating the need for title insurance).
– Preventing money laundering, voter fraud, and insurance scams by tracking and time-stamping (date & location) the origin and history of every transaction step.