Compliance Achievement & Purchase Of New Crypto Miners Sends Crypto Stock Soaring

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Monday, November 11, 2024

With the post election euphoria continuing this week, cryptocurrencies continue to get bid higher as investors take the stance that America will be a crypto pioneer under Donald Trump’s leadership.

Looking at news in the cryptocurrency space today, we noticed that DMG Blockchain Solutions Inc. (TSX-Venture: DMGI) (OTCQB: DMGGF), a blockchain and data center technology company, announced that it had 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.

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.”

Separately, the Company announced that they 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.

Shares of DMGI have been uptrending since early-September and were up over 17% at last glance in late-morning trading.

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