DMG Accelerates Growth with New 5-Megawatt Hydro Miner Purchase

DMG Blockchain Solutions announces the expansion of its mining operations with the purchase of Bitmain hydro miners for a total of 5 megawatts of hydro mining containers. These advanced hydro miners, which boast an efficiency of 15 J/TH at a cost of $15/TH/s, represent an investment of approximately US$5 million.

This latest acquisition builds on the Company’s earlier purchase of 1 megawatt of hydro miners, further enhancing DMG’s operational efficiency and hashrate. The first tranche of 1 megawatt of hydro miners and six 1-megawatt containers is expected to be installed by the end of December 2024 or shortly thereafter. Following this, the newly ordered 5 megawatts of hydro miners are anticipated to be installed by the end of February 2025. Combined, these installations are projected to add 0.4 EH/s to DMG’s hashrate, bringing the Company’s total hashrate to 2.1 EH/s with a fleet efficiency of 21 J/TH early in calendar 2025.

In addition to expanding its mining operations, DMG is leveraging its recent fundraising success, which added $16 million to the Company’s cash reserves. Approximately $7 million of this capital has been allocated to the purchase of critical mining equipment. The Company is also considering further capital deployment to expand its mining capacity, make additional investments into Systemic Trust—DMG’s subsidiary focused on custody of digital assets—and initiate investments in AI infrastructure. These AI-related investments align with the Company’s signed MOU which is under negotiation to a full Joint Venture with the Malahat Nation, highlighting DMG’s commitment to innovation and strategic growth.

Sheldon Bennett, CEO of DMG Blockchain Solutions, commented: “With our recent fundraising that added $16 million to DMG’s cash balance, we have immediately allocated approximately $7 million for the purchase of capital equipment to grow our business. We continue to seek the most effective ways to deploy this new capital to maximize return for shareholders, including meeting the financial commitments required to move Systemic Trust from ‘Letters Patent’ to become fully qualified as a Canadian trust company. Additionally, as we are encouraged by the recent bitcoin price rally, having a strong cash balance gives us the flexibility to accumulate bitcoin while also making strategic investments to grow our hashrate, support the growth of our Core+ strategy, and make meaningful progress towards deploying next-generation AI compute infrastructure.”

Website

Instagram

Learn more about our company

DMG

DMG’s mission is to lead the digital asset industry by meeting the most stringent compliance requirements while focused on environmental requirements.

Learn more >>>

Blockseer/Core+

Blockseer blockchain software products help enable crypto adoption and growth.

Learn more >>>

Systemic Trust

Systemic Trust, a custody solution for digital assets, ensures security with advanced technology, risk management, and transparency.

Learn more >>>

Terra Pool

Terra Pool, enabled by Blockseer software, is the world's first Bitcoin mining pool focused on carbon neutral energy and clean block mining.

Learn more >>>