VANCOUVER, British Columbia, Nov. 11, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) ("DMG"), a leading vertically integrated blockchain and data center technology company, announces that it has achieved SOC 2 Type II compliance in accordance with the American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations also known as SSAE 18. This rigorous standard is designed to protect client data by verifying that a service provider’s systems and processes meet the AICPA Trust Services Criteria, giving clients added confidence in the company’s approach to security and regulatory compliance. Achieving this standard with an unqualified opinion serves as third-party industry validation that DMG provides enterprise-level security for customer data secured in DMG’s Terra Pool.
The independent SOC 2 Type II audit, performed by an authorized third-party auditor, provided DMG with a verified compliance attestation, confirming that the company’s security controls and processes meet these stringent requirements. With this attestation, DMG demonstrates its commitment to operational excellence and data security best practices, reflecting the company’s focus on supporting client trust and satisfaction across its services.
DMG’s CEO, Sheldon Bennett commented: “As SOC 2 Type II compliance becomes a requirement for any digital asset company that deals with sensitive customer data, we are proud that when we onboard Terra Pool clients, they can have complete confidence in DMG’s approach to security and regulatory compliance. Virtually all large financial enterprises and public companies prefer working with software platforms that are SOC 2 Type II certified, as their policies on compliance and security normally default to using such vendors; blockchain software is no exception. As security threats are constantly evolving and we continue to upgrade our software infrastructure to support Terra Pool, achieving SOC 2 Type II compliance is a validation of not only the work we have accomplished so far, but also it is part of an ongoing process to continually improve our systems and stay ahead of new security threats to protect customer data in the future.”
DMG Purchases its First Tranche of Bitmain Hydro Miners
DMG has purchased Bitmain S21 Hydro miners for slightly below $15 per TH/s to fill its first one-megawatt hydro mining container (with the remaining five megawatts of hydro mining capacity to be ordered in the near future). At 16 J/TH, this first tranche of hydro miners represents the most efficient miners in DMG’s mining fleet and should produce 63 PH/s. These hydro miners are expected to be received at DMG’s Christina Lake facility near the end of the calendar year when the Company anticipates it will have received and installed its six one-megawatt hydro containers. DMG expects to order, receive and install the hydro miners for the remaining five one-megawatt hydro containers in early calendar 2025.
About Terra Pool
Terra Pool is the world’s first carbon neutral Bitcoin mining pool, designed to reward miners with carbon neutral bitcoin. It plays a crucial role in advancing a carbon neutral Bitcoin ecosystem. When integrated with DMG’s subsidiary, Systemic Trust, a digital asset custodian, financial institutions and content creators will gain the ability to send Bitcoin in a carbon neutral and regulatory-compliant manner.
About DMG Blockchain Solutions Inc.
DMG is a sustainable, vertically integrated blockchain and data center technology company that develops, manages, and operates comprehensive platform solutions to monetize the blockchain ecosystem. The company’s operations are driven by two strategic pillars: Core and Core+, both unified by DMG’s commitment to vertical integration and environmentally responsible practices. DMG’s subsidiary Systemic Trust Corporation is focused on custody of digital assets.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X, LinkedIn, Facebook and subscribe to DMG's YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
For Investor Relations:
investors@dmgblockchain.com
For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com
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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the expected arrival of the S21 Hydro miners in the 2025 calendar year and the expected additional order, receipt and installation of the miners for the remaining five one-megawatt hydro containers in early calendar 2025, DMG’s strategies and plans, the potential and benefits of Terra Pool, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hash rate mining difficulty.
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, market and other conditions, volatility in the trading price of the common shares of the Company, 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. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
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 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, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, 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.
