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Homepage > News > Tech > BTC miner DMG Blockchain expands after $16M fundraising DMG Blockchain (NASDAQ: DMGGF), a Canadian BTC block reward miner, has announced the expansion of its operations following a fundraising campaign that netted the company $16 million. DMG, which has a dual listing on the Toronto Stock Exchange and the Frankfurt Stock Exchange, channeled $5 million to purchase hydro miners from Bitmain. The miners have an efficiency of 15 J/TH, the company revealed in its press release. “With our recent fundraising that added $16 million to DMG’s cash balance, we have immediately allocated approximately $7 million for the purchase of capital equipment to grow our business,” commented CEO Sheldon Bennett. “We continue to seek the most effective ways to deploy this new capital to maximize return for shareholders.” The latest investment comes from the purchase of 1 MW of hydro miners and six 1 MW containers, which the company expects to have fully installed by the end of this year. The newly ordered batch will then be installed by February 2025. Combined, the two batches will add 0.4 EH/s to the company’s hash rate. This will bring its total hash rate to 2.1 EH/s. In addition to purchasing new miners, DMG will increase its investment in its subsidiary, which focuses on the custody of digital assets, to diversify its portfolio. Further, it plans to make investments in artificial intelligence (AI) infrastructure, following the playbook of every other BTC miner. With AI being one of the most lucrative sectors in the tech world, many miners are either wholly pivoting from block reward mining to focus on AI—like Tether-backed Northern Data—or shifting some of the computing resources to serve AI companies, as Hive Digital (TSXV: HIVE | OTCQX: HVBTF | FSE: HBF) and Bitdeer (NASDAQ: BTDR) have done. In DMG’s case, a…

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Filed under: News - @ November 26, 2024 4:23 pm