DMG #Blockchain Solutions (TSX-V: $DMGI.V) (OTC US: DMGGF) Announces Second Quarter 2018 Financial Results
VANCOUVER, British Columbia - May 30, 2018 (Investorideas.com Newswire) DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) ("DMG" or the "Company"), a diversified blockchain and cryptocurrency company, yesterday reported its fiscal second quarter 2018 financial results. All figures are in Canadian dollars, unless otherwise noted.
Key Second Quarter 2018 Highlights:
- Completed listing on the TSX Venture Exchange
- Revenue of $3,344,699 (552% quarter-over-quarter revenue growth)
- Purchased 2,650 new mining rigs utilizing an additional 4 megawatts of power for DMG's MaaS customers
- Completed acquisition of Blockseer, a Silicon Valley-based software development company, for approx. $2.6 million and 7,673,076 DMG shares
- Constructing flagship data center with up to 85 megawatts ("MW") of mining capacity, 40 MW of which are expected to be available in Q3.
- Appointed Charlie Lee, creator of Litecoin, and Lou Kerner, known as the "Crypto Oracle" to DMG's advisory board
- Added two expert cryptocurrency and blockchain legal advisors, Varun Gupta and Samuel Osei
The CEO's Message
Our second fiscal quarter of operations was the most active period to-date for DMG Blockchain Solutions Inc. The Company continues to build its presence both in Japan and North America thanks to its expanding mining operations and development of blockchain analytics tools. Following our Q1 announcement of a Mining-as-a-Service (MaaS) agreement with the Bitmaster Financial network in Japan, DMG received an order in excess of $3 million from Japanese based Forside Financial Service ("Forside") for mining hardware purchases and set-up.
The majority of DMG's current revenues are derived from our MaaS business (hosting and management of Bitcoin mining facilities on behalf of third parties globally), which uniquely insulates DMG from fluctuating Bitcoin spot price volatility. During Q2, we purchased an additional 2,650 Bitmain S9 mining rigs to fill orders from our MaaS customers, servicing them with approximately 4 megawatts of power. DMG's flagship mining facility is 27,000 square feet of industrial space which can host over 30,000 mining rigs. DMG is working with its energy utility partner to deliver over 150 megawatts of hydroelectric power to multiple sites over the next 18 months.
DMG also completed its acquisition of Blockseer, developers of industry-leading crypto-analytics and artificial intelligence (A.I.) software. Blockseer's roadmap of analytics tools includes Bitscore, a risk-scoring tool for analyzing cryptocurrency holdings, Graph Intelligence, which traces bitcoin flows through the blockchain, and Market Factors, a blockchain data feed for market trading algorithms. Existing Blockseer clients include the US Department of Homeland Security, F.B.I., and I.R.S.
The Company also announces it has issued a total of 125,000 stock options to an employee and an officer of the Company at an exercise price of $0.80 with an expiry date of June 30, 2021.
About DMG Blockchain Solutions Inc.
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, along with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: dmgblockchain.com
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