DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US)
(FRANKFURT:6AX) (“DMG” or the “Company”), a diversified blockchain
and technology company, is pleased to announce the launch of a new
North America-based Bitcoin mining pool from its USA subsidiary
company Blockseer.
Highlights:
- Blockseer’s new Bitcoin mining pool
will be North America’s first bitcoin mining pool that will not
only meet, but exceed the US Government’s Office of Foreign Assets
Control (OFAC) compliance for BTC addresses, as well as
providing the utmost level of transparency, auditability and
corporate governance.
- Blockseer’s pool may further
decentralize the bitcoin blockchain, readjusting the balance of
hash rate to North America, where more Bitcoin nodes operate.
- Blockseer’s pool integrates DMG’s
existing proprietary crypto forensics data, including Walletscore,
to ensure that transaction blocks are OFAC compliant, as well as
other risk factors that Walletscore tracks and manages
- Blockseer’s pool is integrated into
DMG’s core technology platform, bringing all of DMG’s mine manager
features into the pool, and providing an integrated User Experience
for our customers.
Crypto-mining pools are the software protocols
by which all miners connect to the various blockchains. Bitcoin
mining pools generate revenue by charging fees to miners, usually
between 1% to 3% of the total bitcoin mined. Miners contribute
their hash rate to the pools and receive bitcoin rewards
proportional to the total hash rate they contribute.
Over the past two years, DMG has worked with
various accounting and legal firms as technical experts to
investigate and test data from various mining pools, as there is
currently no requirement for private pools to meet any data or
reporting standards. Blockseer’s pool is focused on meeting such
standards so that users can be assured that proper governance is in
place for reliable data reported in a transparent way with third
party independent verification.
All users of Blockseer’s pool are required to
pass KYC (Know Your Customer) protocols, and blocks posted to the
Bitcoin blockchain by Blockseer’s pool will only contain filtered
transactions using Blockseer and Walletscore’s labeling data, along
with verified sources such as the United States OFAC blacklist for
crypto. Blockseer’s data analytics platform has been used by
various law enforcement agencies over the past six years, providing
Blockseer’s new pool with credible data relating to fraud, theft,
money laundering and various other nefarious dealings which will be
filtered out of any block that this pool will post to the Bitcoin
blockchain.. Blockseer has a US patent pending novel approach to
transaction filtering which examines transactions to and from
bitcoin wallets which will exclude high risk wallets from being
included in Blockseer’s posted blocks.
DMG’s CTO Adrian Glover commented “I am very
proud of the work of our development team over the past year, to
build and launch Blockseer’s pool platform. We built the pool on
the technology platform that drives our mine management platform,
thus creating a unified user experience for our customers, and
enabling us to quickly add features to both products. In the
near-term future, we will be providing audit ready reports and
irrefutable proof of our customers’ mining revenue, directly from
our user interface. For DMG, the launch of the pool is only the
beginning, our team will continue to work hard on adding all of the
revenue, cost tracking and projection information that miners look
for. Following the same philosophy which we used in building our
mine management platform, we built the pool we wished our vendors
had provided for us.”
DMG’s COO Sheldon Bennett added, “I have
personally led the forensic practice at DMG and have worked on
multiple audits of publicly listed mining companies. We recognized
early on the need for a mining pool that provided data that meets
the needs of financial audits. However, it is not just public
companies who need better transparency in pools, but any company or
individual that sees the value in higher corporate governance
through independent assurance of mining pool operations, fees and
data. Blockseer’s pool brings a new compliance-focused standard to
the industry, not only in the data the pool provides to its users,
but also in the Bitcoin blocks it mines on the network. The pool is
focused on being devoid of transaction from known nefarious wallets
which use this medium in ways that continue to sully the reputation
of crypto currencies, specifically Bitcoin, in the mainstream as
well as to impede widespread adoption. Blockseer’s pool will be the
first of its kind focused on governance, transparency and building
Bitcoin blocks on the network, which are not primarily focused on
transaction fees first but on sound transaction data and
history.”
Blockseer’s pool platform is currently in
private beta, with a public beta coming shortly. For those who are
interested in signing up for the public beta, please go to
https://dmgblockchain.com/contact to initiate the KYC process.
About DMG Blockchain Solutions
Inc.
DMG is a diversified cryptocurrency and
blockchain platform company which is focused on the two primary
opportunities in the sector – mining public blockchains and
applying permissioned blockchain technology. DMG focuses on mining
bitcoin, providing hosting services for industrial mining clients,
earning revenues from block rewards and transaction fees,
developing data analytics and forensic software products, working
with auditors, law firms, and law enforcement to provide technical
expertise. DMG’s permissioned blockchain technology is focused on
developing enterprise software for the supply chain management of
controlled products. DMG’s strategy is to become the domain experts
across the business verticals it focuses on. DMG’s management team
includes seasoned crypto experts, forensic & financial
professionals and blockchain developers with deep relationships
throughout the industry, with previous experience working at
Bitfury, PwC, EY, Cisco and UBS.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com
On behalf of the Board of Directors,Daniel
Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions
Inc.
Daniel ReitzikEmail:
investors@dmgblockchain.comWeb: www.dmgblockchain.com
Cautionary Note Regarding
Forward-Looking Information
This news release contains forward-looking
information based on current expectations. Statements about the
Company’s plans to launch and commercialize the Blockseer Pool,
courses of action, and the potential of the Company’s technology
and operations, among others, are all forward-looking information.
DMG’s American subsidiary Blockseer intends to get companies to
join its Pool and the results of its efforts will not be know
immediately. Statements about the Blockseer’s plans to increase
pool users, pool hashrate, pool revenue, plans and intentions,
other potential transactions, acquisition of customers, product
development, events, courses of action, and the potential of
Bloclseer’s technology and operations, among others, are all
forward-looking information. (and that is a specific forward
looking statement to add).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”, “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; 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; the inability to
add more power to DMG’s facilities; 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, 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 secure
sufficient capital to complete its business plans, 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 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, power and infrastructure, failure to obtain any permits
required to operate the business, the impact of technology changes
on the industry, the impact of Covid-19 or other viruses and
diseases on the Company’s ability to operate, secure equipment, and
hire personnel, 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 news release.
DMG Blockchain Solutions (TSXV:DMGI)
Historical Stock Chart
From Apr 2024 to May 2024
DMG Blockchain Solutions (TSXV:DMGI)
Historical Stock Chart
From May 2023 to May 2024