DMG Blockchain Installing 85-Megawatt Power Substation for Cryptocurrency Mining Expansion
by Justin Hughes
VANCOUVER, British Columbia — DMG Blockchain Solutions Inc. publicized that it started installation of its own 85-megawatt capacity transformer and electrical substation, which will power the expansion of DMG’s flagship cryptocurrency mining facility. DMG expects the substation to be linked to the utility power grid and commissioned for full operation in September 2018, at which time, it will have 60 megawatts available for energizing mining rigs.
This facility will become DMG’s flagship crypto mining operation in Canada and further expand its mining-as-a-service (MaaS) capacity. Deployment of its new 85-megawatt substation will increase DMG’s hosting capability by more than 20 times.
Sheldon Bennett, DMG’s COO commented, “Building and managing a cryptomining operation at an industrial scale requires a world-class supply chain as well as direct access to local government and electricity providers. Our management team at DMG is unique in that we have the experience, the relationships, and the capital backing to do this successfully.”
When finished, DMG’s flagship mining facility will be among the largest in North America. DMG’s crypto mining facilities and power access are used for its Mining-as-a-Service (MaaS) clients and for DMG’s own use. This hybrid approach allows DMG to scale at a faster pace than a pure mining model by balancing the capital requirements and investor returns of the traditional mining model with the low capital needs and steady revenue generation of the MaaS model.
The Company also granted 1,000,000 stock options to Steven Eliscu, EVP Corporate Development. Each option is exercisable into one common share of the Company at a price of $0.80 per share for a period of four years from the date of grant. These options vest over three years and are subject to shareholder approval and may not be exercised unless and until the shareholders of DMG approve this grant of options to Mr. Eliscu.
Mr. Eliscu leads the corporate development efforts at DMG. He was most recently Head of Finance at Bitfury, a leading blockchain and cryptocurrency company. Prior to Bitfury, Steve was an equity research analyst at UBS for nine years, during which time he covered semiconductor companies with an aggregate market cap in excess of $200 billion. He has also worked in executive marketing and business development roles in the semiconductor and network equipment sectors. Steve has an MBA from the University of Chicago, Booth School of Business and a BS in Computer Engineering from Rensselaer Polytechnic Institute with subsequent engineering coursework at Stanford.
About DMG Blockchain Solutions Inc: DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.