VANCOUVER, British Columbia, Could 30, 2023 (GLOBE NEWSWIRE) — DMG Blockchain Options Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a vertically built-in blockchain and cryptocurrency expertise firm, in the present day proclaims its second quarter ended March 31, 2023 unaudited monetary outcomes. All monetary references are in Canadian {Dollars} until specified in any other case.

Latest Highlights

  • Income of $7.6 million on 255.8 mined bitcoin, internet lack of $3.8 million, $0.02 internet loss per share
  • Realized first Petra-based income for putting ordinals in the course of the quarter
  • Realized common hashrate of 0.89 EH/s
  • Bought 350 Bitmain S19 Professional (35 PH/s), 350 Bitmain S19 XP (49 PH/s) and 850 Bitmain S19j Professional+ (104 PH/s) miners, totaling 1,550 items contributing 188 PH/s
  • Money and digital foreign money steadiness up 98% from the prior quarter with $4.8 million in money and $16.9 million in digital foreign money; $1 million of debt

Readers are inspired to evaluation the Firm’s March 31, 2023 quarterly unaudited monetary statements and administration’s dialogue and evaluation thereof for a fulsome evaluation of the Firm’s efficiency and relevant threat components, accessible at

Sheldon Bennett, DMG Blockchain Options’ Chief Govt Officer, commented, “DMG is poised to develop Terra Pool together with Petra-based carbon impartial ordinal inscriptions and bitcoin transactions. We at the moment are targeted on execution of our Blockseer software program platform to extra meaningfully contribute to DMG’s outcomes. Moreover, the improved bitcoin market surroundings is permitting DMG to hurry up its implementation of immersion cooling expertise, which ought to allow better mining capital effectivity to nicely place us forward of the following Bitcoin block subsidy halvening anticipated to happen in lower than a 12 months.”

Steven Eliscu, Chief Working Officer added, “Whereas the Firm continues to handle its spending prudently, with a concentrate on its software program and immersion cooling initiatives, DMG is actively taking a look at the way it can develop its hashrate past the introduced 1 EH/s of put in and 0.2 EH/s of ordered capability. Moreover, we imagine we will increase our base of software program, as the arrival of ordinal inscriptions has opened up new potentialities for the Bitcoin blockchain. Whereas our purpose of monetizing bitcoin transactions is unchanged, Bitcoin is evolving to be far more than that – we intention to remain nimble to seize these new alternatives.”

Monetary Highlights

Income for the second quarter ending March 31, 2023 was $7.6 million versus $11.9 million within the year-ago quarter, a lower of 36%, pushed primarily by a 41% year-over-year decline within the quarterly common bitcoin worth, partially offset by a 31% enhance within the quantity of mined bitcoin to 255.8 from 195.9 within the prior-year interval.

Working and upkeep prices for the quarter ended March 31, 2023 had been $4.6 million as in comparison with $3.2 million within the year-ago interval. The vast majority of this enhance was attributable to utility prices, which elevated $1.2 million in the course of the interval. This enhance was the results of a rise in digital foreign money mining exercise from extra miners acquired in the course of the 12 months. The Firm had 9,282 miners put in as at March 31, 2023, up from 6,378 put in as at March 31, 2022.

Basic and administrative bills declined to $777 thousand within the quarter ending March 31, 2023 versus $972 thousand within the prior-year interval. This lower was primarily attributable to decrease skilled charges and decrease regulatory and submitting charges in the course of the interval.

Internet loss for the quarter was $3.8 million, versus a internet revenue of $57 thousand within the prior-year interval. The loss for the interval ending March 31, 2023 in comparison with the prior-year interval was primarily the results of decrease revenues mixed with growing working and upkeep prices, increased depreciation bills, which was partially offset by decrease share-based compensation bills and decrease R&D. It was additionally offset by a achieve on the write down in accounts payable within the year-ago quarter that was not repeated within the present quarter in addition to a realized loss on sale of digital foreign money within the year-ago quarter versus a achieve within the second quarter of 2023.

Earnings per share for the second fiscal quarter ending March 31, 2023 had been destructive $0.02 versus $0.00 within the prior 12 months interval.

As at March 31, 2023, the Firm had money of $4.8 million, digital foreign money of $16.9 million and complete property of $94.3 million. For extra particulars, please check with the Firm’s filings.

Administration Name

Immediately the Firm additionally proclaims that it’ll host its Second Quarter 2023 Monetary Outcomes and Company Replace name on Could 31, 2023 at 4:15 pm ET. Contributors are requested to pre-register utilizing the next hyperlink. A replay will likely be accessible on the firm web site.

Though there will likely be no reside Q&A session, administration will deal with pre-submitted questions in the course of the name. Those that want to submit a query could achieve this by way of utilizing the topic line ‘Convention Name Query Submission’ by means of Could 31, 2023, 2:00 pm ET.

About Terra Pool

Terra Pool is a cryptocurrency mining platform operated by DMG’s Blockseer software program firm. Terra Pool is the world’s first Bitcoin mining pool targeted on clear vitality. The aim of this initiative is to speed up the shift from typical energy to wash vitality and scale back the influence of Bitcoin mining on the surroundings.

About DMG Blockchain Options Inc.

DMG is an environmentally pleasant vertically built-in blockchain and cryptocurrency firm that manages, operates, and develops end-to-end digital options to monetize the blockchain ecosystem. DMG’s sustainable companies are segmented into two enterprise strains underneath the Core and Core+ methods and unified by means of DMG’s vertical integration.

For extra info on DMG Blockchain Options go to:
Observe @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.

For additional info, please contact:

DMG Blockchain Options Inc.
Electronic mail:

Investor Relations Contact:
CORE IR 516-222-2560

For Media Inquiries:
Jules Abraham

Neither the TSX Enterprise Change nor its Regulation Service Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this information launch.

Cautionary Notice Relating to Ahead-Trying Info

This information launch incorporates forward-looking info or statements based mostly on present expectations. Ahead-looking statements contained on this information launch embrace statements concerning the upcoming administration name, the potential of Core+ methods and plans, rising Terra Pool, the implementation of immersion cooling, delivering merchandise that allow the monetization of bitcoin transactions, growing and executing on the Firm’s services and products, growing self-mining, the launch of services and products, occasions, programs of motion, and the potential of the Firm’s expertise and operations, amongst others, are all forward-looking info.

Future adjustments within the Bitcoin network-wide mining problem fee or Bitcoin hash fee could materially have an effect on the long run efficiency of DMG’s manufacturing of Bitcoin, and future working outcomes is also materially affected by the worth of Bitcoin and a rise in hash fee mining problem.

Ahead-looking statements include statements that aren’t purely historic, together with any statements concerning beliefs, plans, expectations, or intentions concerning the long run. Such info can usually be recognized by way of forwarding-looking wording similar to “could”, “count on”, “estimate”, “anticipate”, “intend”, “imagine” and “proceed” or the destructive thereof or comparable variations. The reader is cautioned that assumptions used within the preparation of any forward-looking info could show to be incorrect. Occasions or circumstances could trigger precise outcomes to vary materially from these predicted, on account of quite a few recognized and unknown dangers, uncertainties, and different components, lots of that are past the management of the Firm, together with however not restricted to, market and different circumstances, volatility within the buying and selling worth of the frequent shares of the Firm, enterprise, financial and capital market circumstances; the power to handle working bills, which can adversely have an effect on the Firm’s monetary situation; the power to stay aggressive as different higher financed opponents develop and launch aggressive merchandise; regulatory uncertainties; entry to tools; market circumstances and the demand and pricing for merchandise; the demand and pricing of bitcoins; safety threats, together with a loss/theft of DMG’s bitcoins; DMG’s relationships with its prospects, distributors and enterprise companions; the lack so as to add extra energy to DMG’s services; DMG’s means to efficiently outline, design and launch new merchandise in a well timed method that meet prospects’ wants; the power to draw, retain and inspire certified personnel; competitors within the trade; the influence of expertise adjustments on the merchandise and trade; failure to develop new and revolutionary merchandise; the power to efficiently preserve and implement our mental property rights and defend third-party claims of infringement of their mental property rights; the influence of mental property litigation that would materially and adversely have an effect on the enterprise; the power to handle working capital; and the dependence on key personnel. DMG could not really obtain its plans, projections, or expectations. Such statements and knowledge are based mostly on quite a few assumptions concerning current and future enterprise methods and the surroundings wherein the Firm will function sooner or later, together with the demand for its merchandise, the power to efficiently develop software program, that there will likely be no regulation or regulation that may stop the Firm from working its enterprise, anticipated prices, the power to safe enough capital to finish its enterprise plans, the power to attain targets and the worth of bitcoin. Given these dangers, uncertainties, and assumptions, you shouldn’t place undue reliance on these forward-looking statements. The securities of DMG are thought-about extremely speculative because of the nature of DMG’s enterprise. For additional info regarding these and different dangers and uncertainties, check with the Firm’s filings on As well as, DMG’s previous monetary efficiency might not be a dependable indicator of future efficiency.

Components that would trigger precise outcomes to vary materially from these in forward-looking statements embrace, failure to acquire regulatory approval, the continued availability of capital and financing, tools failures, lack of provide of apparatus, energy and infrastructure, failure to acquire any permits required to function the enterprise, the influence of expertise adjustments on the trade, the influence of Covid-19 or different viruses and ailments on the Firm’s means to function, safe tools, and rent personnel, competitors, safety threats together with stolen bitcoins from DMG or its prospects, client sentiment in direction of DMG’s merchandise, providers and blockchain expertise usually, failure to develop new and revolutionary merchandise, litigation, hostile climate or local weather occasions, enhance in working prices, enhance in tools and labor prices, lower within the worth of Bitcoin, failure of counterparties to carry out their contractual obligations, authorities rules, lack of key staff and consultants, and normal financial, market or enterprise circumstances. Ahead-looking statements contained on this information launch are expressly certified by this cautionary assertion. The reader is cautioned to not place undue reliance on any forward-looking info. The forward-looking statements contained on this information launch are made as of the date of this information launch. Besides as required by regulation, the Firm disclaims any intention and assumes no obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions, or in any other case. Moreover, the Firm undertakes no obligation to touch upon the expectations of or statements made by third events in respect of the issues mentioned above.

DMG Blockchain Options Inc.

Consolidated Statements of Loss and Complete Loss
(Expressed in Canadian {Dollars})

  For the Three Months Ended
  March 31, 2023   March 31, 2022  
  $   $  
Income 7,623,323   11,899,546  
Working and upkeep prices 4,594,898   3,243,567  
Basic and administrative 776,942   972,179  
Inventory-based compensation 423,079   613,735  
Analysis and growth 499,165   731,540  
Provision for uncertain accounts 50,773   15,337  
Depreciation 5,854,704   4,822,136  
Amortization of intangible property   263  
Whole bills 12,199,561   10,398,757  
Earnings (loss) earlier than different objects (4,576,238 ) 1,500,789  
Different earnings (expense)    
Curiosity and different earnings 122,091   68,251  
International trade loss (26,014 ) (96,112 )
Achieve on write-down of accounts payable   2,050,827  
Realized achieve (loss) on sale of digital foreign money 506,054   (3,057,853 )
Achieve (loss) on change in honest worth of marketable
134,698   (409,436 )
Internet earnings (loss) (3,839,409 ) 56,466  
Different complete earnings    
Gadgets that could be reclassified subsequently to earnings or loss:    
Unrealized revaluation achieve (loss) on digital foreign money 6,245,331   1,619,615  
Cumulative translation adjustment 48,347   53,197  
Internet loss and complete loss 2,454,269   1,729,278  
Fundamental and diluted earnings (loss) per share (0.02 ) 0.00  
Weighted common variety of shares excellent    
– fundamental 167,681,377   167,199,710  
– diluted 167,681,377   167,199,710  

DMG Blockchain Options Inc.
Consolidated Statements of Monetary Place
(Expressed in Canadian {Dollars})

  As at
March 31, 2023
  As at
September 30, 2022
ASSETS $   $  
Money and money equivalents 4,751,210   1,247,513  
Quantities receivable 3,700,997   6,320,533  
Digital foreign money 16,924,990   9,319,790  
Pay as you go expense and different present property 235,641   258,289  
Present portion of lease receivable   36,883  
Marketable securities 306,719   401,542  
Whole present property 25,919,557   17,584,550  
Lengthy-term deposits 8,483,171   14,526,569  
Property and tools 53,033,835   58,083,429  
Lengthy-term investments 45,000   75,000  
Quantity recoverable 6,867,734   6,632,501  
Whole property 94,349,297   96,902,049  
Commerce and different payables 5,077,436   4,854,517  
Deferred income 11,926   103,678  
Present portion of lease legal responsibility 70,362   131,612  
Present portion of loans payable 324,953   291,881  
Whole present liabilities 5,484,677   5,381,688  
Lengthy-term lease legal responsibility 63,097   92,809  
Secured mortgage payable 931,047    
Whole liabilities 6,478,821   5,474,497  
Shareholders’ Fairness    
Share capital 110,478,267   110,381,441  
Reserves 44,864,413   43,959,280  
Collected different complete earnings 4,989,741   121,623  
Collected deficit (72,461,945 ) (63,034,792 )
Whole shareholders’ fairness 87,870,476   91,427,552  
Whole liabilities and shareholders’ fairness 94,349,297   96,902,049  

DMG Blockchain Options Inc.
Consolidated Statements of Money Flows
(Expressed in Canadian {Dollars})

For the six months ended March 31, 2023   2022  
   $    $  
Internet earnings (loss) for the interval (9,427,153 ) 5,093,345  
Non-cash objects:    
Accretion 25,466   4,755  
Amortization of intangible property   41,863  
Depreciation 11,945,549   8,305,236  
Share-based funds 938,209   1,952,678  
   Unrealized overseas trade loss 43,613   186,553  
   Achieve on sale of property (70,429 ) (2,088 )
   Achieve on write-down of accounts payable   (2,050,827 )
Unrealized loss (achieve) on marketable securities 94,824   392,216  
   Unhealthy debt expense 114,377   27,721  
Digital foreign money associated income (13,773,874 ) (23,206,768 )
   Digital foreign money offered 11,161,893   24,882,052  
Realized loss on sale of digital foreign money (328,892 ) (3,057,853 )
Non-cash curiosity earnings (229,349 ) (3,878 )
Accrued curiosity (129 ) (65,652 )
Adjustments in non-cash working working capital:    
Pay as you go bills and different present property 52,650   (102,807 )
Quantities receivable 3,000,466   (3,432,549 )
Quantities recoverable (237,039 )  
Deferred income (91,752 ) 4,164,463  
Commerce and different payables 1,895,676   2,055,909  
Internet money supplied by working actions 5,114,106   15,184,369  
Buy of property and tools (572,044 ) (3,259,407 )
Deposits on mining tools (1,991,167 ) (25,385,968 )
Proceeds on sale of apparatus 4,829   3,675  
Proceeds from sublease 37,012   72,570  
Internet money utilized by investing actions (2,521,370 ) (28,569,130 )
Proceeds from possibility workouts 63,750   39,500  
Proceeds from warrant train   55,000  
Principal lease funds (102,973 ) (99,536 )
Proceeds from secured mortgage 950,665    
Internet money supplied by (utilized in) financing actions 911,442   (5,036 )
Affect of foreign money translation on money (481 ) (151 )
Change in money 3,503,697   (13,389,948 )
Money, starting 1,247,513   19,686,777  
Money, finish 4,751,210   6,296,829