VANCOUVER, British Columbia, July 06, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces the issuance of a US Patent and Trademark Office (USPTO) for US Patent No. S2020/0167791A1. This patent is for a new method of detecting and tracking compromised crypto wallets to exclude nefarious actors. In general, this technology can be applied to blockchains to support law enforcement efforts to combat money laundering, terrorism and fraud. This patent describes methods for the underlying technology of Blockseer’s Walletscore product, which forms the basis for DMG’s clean-block mining and can be used in mining pools.
With this technology, Walletscore can automatically flag financially risky activities, allowing transaction requests to be monitored in real-time for further review – and potentially deleted – before being recorded on the Blockchain. Wallet Score can be used to screen transactions originating from high-risk wallets, even those originating several hops downstream from a known criminal event. DMG plans to use this technology for future versions of its clean block mining offerings.
“DMG’s second granted patent further strengthens our intellectual property portfolio and validates the innovation of our technology, including machine learning capabilities. This technology is central to Walletscore’s ability to filter out risky trades and perfectly complements our Petra technology, which filters out known good trades (ie trades from trusted sources). In the world of adding transactions to the Bitcoin Blockchain, this combination (currently under development) is unique and should allow DMG to expand revenue from its Core+ software strategy,” said Sheldon Bennett, CEO of DMG.
“I am personally proud to have partnered with the original team that developed this unique technology and now to assist in the efforts that will bring enhanced versions of Walletscore into production in the future,” added Steven Eliscu, DMG’s COO.
Preliminary mining results June
As a summary of the bitcoin mining results of the past month, DMG mined 76 bitcoin in June 2022 and increased its total hashrate to a maximum of 680 PH/s. DMG is on track from its original received miner delivery schedule to grow its hashrate to 1 EH/s by the end of 2022, depending on the receipt, installation and operation of the additional miners.
DMG also announces that its Annual General and Special Meeting (AGSM) will be held on September 14, 2022.
About DMG Blockchain Solutions Inc.
DMG is an eco-friendly vertically integrated blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable activities are segmented into two business lines under the Core and Core+ strategies and united by the vertical integration of DMG.
Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate could materially affect the future performance of DMG’s production of Bitcoin, and future business results could also be materially affected by Bitcoin’s price and an increase in hashrate mining problems. .
For more information about DMG Blockchain Solutions, please visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube Channel†
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For more information, please contact:
DMG Blockchain Solutions Inc.
Contact person for investor relations:
CORE IR (516) 222-2560
For media inquiries:
Jules Abraham, Head of Communications
NUCLEAR IR
(917) 885-7378
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Warning Regarding Forward-Looking Information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements in this press release include statements regarding the potential of the patents, Core+ strategies and plans, potential increase in revenues from the patents and software products, the development and operation of the Company’s products and services, the anticipated date of of the AGSM , the anticipated arrival of new miners and the increased hashrate, partnering with other platforms to diversify revenues, product and service launches, events, promotions and the potential of the company’s technology and operations, among others , are all future-oriented. looking for information.
Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified through the use of forwarding-like terms 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 preparing forward-looking information may prove incorrect. Events or conditions could cause actual results to differ materially from those forecasted due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including but not limited to market and other conditions, volatility in the trading price of the Company’s common stock, business, economic and capital market conditions; the ability to manage operating expenses, which can adversely affect the company’s financial condition; the ability to remain competitive while other, better-funded competitors develop and market competitive products; regulatory uncertainties; access to equipment; market conditions and demand for and pricing for products and services; the demand for and pricing of bitcoins; security threats, including 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 timely release new products that meet customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on products and industry; failure to develop new and innovative products; the ability to successfully enforce and enforce our intellectual property rights and to defend claims of third parties for infringement of their intellectual property rights; the impact of intellectual property disputes that could materially and adversely affect the business; the ability to manage working capital; and dependence on key personnel. DMG may not actually deliver on its plans, forecasts or expectations. Such statements and information are based on numerous assumptions regarding current and future business strategies and the environment in which the company will operate in the future, including demand for its products and services, ability to successfully develop software, will be or law that prevents the company from operating its business, expected costs, ability to secure sufficient capital to complete its business plans, ability to achieve goals and price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are considered highly speculative due to the nature of DMG’s business. For more information about these and other risks and uncertainties, please refer to the Company’s filings at www.SEDAR.com. 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, continued availability of capital and financing, equipment failure, lack of equipment, power and infrastructure, adverse weather conditions and climate events, failure to obtain permits necessary to operate the business, the impact of technological change on the industry, the impact of COVID-19 or other viruses and diseases on the business’s ability to operate, secure equipment and hiring personnel, competition, security risks including stolen bitcoins from DMG or its customers, consumer confidence in DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, lawsuits, increase in operating costs , increase in equipment ur and labor costs, decline in Bitcoin price, failure of counterparties to meet their contractual obligations, government regulations, loss of key personnel and advisors, and general economic, market or business conditions. Forward-looking statements in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking statements in this press release are made as of the date of this press release. Except as required by law, the company disclaims any intent and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the Company does not undertake any obligation to comment on the expectations or representations of third parties with respect to the matters discussed above.
