Significant Bitcoin Mining Production Increase Sends Shares Of Crypto Miner Higher

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Tuesday, November 5, 2024

Cryptocurrency mining is turning into big business as crypto miners appear to be popping up everywhere cashing in on the impressive rise of cryptocurrencies such as Bitcoin. 

Today, one of the larger players in the space, DMG Blockchain Solutions Inc. (TSX-Venture:DMGI) (OTCQB:DMGGF), a vertically integrated blockchain and data center technology company, announced its preliminary Bitcoin mining operational results for the month of October.

In the announcement, the company highlighted that it mined 34 BTC (Bitcoin), up from 23 BTC in September. The Company held 399 BTC at the end of the month, after selling $3 Million dollars worth of BTC to meet regulatory capital requirements and pay down a loan.

The Company also announced that they were adding mining capacity with the purchase of six one-megawatt hydro mining containers, scheduled for delivery and installation in the current quarter, which is ahead of the anticipated hydro miner delivery. Hydro is a technology that uses water to more efficiently cool the mining equipment than the fans used in air-cooled miners. 

Subsequent to the purchase, delivery and installation of Bitmain Direct Liquid Cooling (DLC) hydro miners that would completely fill the six hydro mining containers, the expansion would be expected to increase the Company’s hashrate by 0.4 EH/s with an efficiency of 15-16 J/TH, thereby bringing their total mining fleet to approximately 2.1 EH/s at an efficiency of 21 J/TH.

Shareholders applauded the announcement by sending shares of DMGI up 6% in early-morning trading.

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