VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V:DMGI) (“DMG” or the “Company”), a diversified blockchain and cryptocurrency company and Primary Engineering and Construction (“Primary”), an Electrical Engineering and Construction firm, today announced their joint initiative to study and improve power quality for crypto mining.
The goal of this collaboration is to analyze electrical characteristics and requirements for large scale crypto mining operations. Company COO Sheldon Bennett commented, “Recently we announced a best-in-class partnership with D-Link for switching and routing for our crypto mining operations and this week we announce a best-in-class partnership with Primary for infrastructure and power management. This Phase 1 report will translate into significant savings for DMG in power infrastructure costs, as our power providers will have a better understanding of our needs. Essentially, it will make it easier for the utilities’ industry to work with us which is yet another market leading initiative.”
Phase 1 of the study has been completed
The results of Phase 1 served as key inputs for the system impact study conducted by the local grid operator. Anthony Bowers, Specialist Engineer – Primary, commented, “As crypto mining facilities are new to utility companies, using regular industrial load assumptions can have significant implications; it’s great to see DMG has set out to ensure the right data was made available to ensure a smooth interconnection process.” DMG has agreed to allow Primary to use the results of the studies as the basis for Primary’s upcoming submission to the Institute of Electrical and Electronics Engineers (IEEE) for consideration at an upcoming conference.
Phase 2 of the study is underway
Phase 2 of the study will expand the sample size from the original test system to a larger production system. This allows greater focus on optimizing the actual power system design for crypto mining, including measuring the larger scale system (multi-megawatt) energy consumption, peak kilowatt demand, power factor and system harmonics. The effect of harmonics is relatively unknown in the crypto mining community. As such harmonics are of particular interest to DMG as they can interfere with the continuous operation of the crypto mining units.
Sheldon Bennett, COO of DMG, commented, “This partnership with Primary and their ability to quickly understand our power needs would have been advantageous when I was building my first 58 megawatts in Alberta; however with Primary’s insight DMG’s current facility (designed for up to 85 megawatts) will benefit from this information as well as the upcoming plans for DMG’s next build-outs, which are in the 100s of megawatts.”
Primary Engineering and Construction Corporation (Primary) was founded in 2002 as a specialist electrical engineering design and design-build firm in Calgary, Alberta. Since then, Primary has rapidly expanded across Western Canada with office locations in Kelowna, Victoria, Vancouver, Calgary, Edmonton, Saskatoon, and Regina. With a focus in electrical and telecom. utility infrastructure, Primary is actively involved in renewable energy, grid modernization, power quality, system renewal and expansion projects across the country.
About DMG Blockchain Solutions
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG intends to be the global leader in bitcoin mining hosting – Mining as a Service (MaaS), bitcoin mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, improvement of power quality, the Phase 2 study, build-outs and additional megawatts, other potential transactions, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “plans”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment and power; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, that there will be sufficient power to operate its bitcoin mining machines, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, lack of supply of power, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.