DMG Blockchain Solutions Announces Second Quarter 2018 Financial Results

DMG Blockchain Solutions (TSXV:DMGI) has announced its Q2 2018 financial results.

As quoted in the press release:

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.

Click here to read the full press release.