DMG Blockchain Reports Net Loss Despite 50% Increase in Mined Bitcoin

• DMG Blockchain Solutions Inc. reported a net loss of $7.0 million in Q1 2023 despite mining 50% more bitcoin than the previous year.
• The company attributes the loss to lower revenues and increasing operating costs.
• Despite the net loss, the report asserts that DMG has a strong balance sheet with $10.9 million in cash, 453 BTC and debt of $1 million as of Dec. 31, 2022.

Overview

DMG Blockchain Solutions Inc (DMG) announced its unaudited financial results for the first quarter of 2023, reporting a net loss of $7.0 million despite mining 50% more bitcoin than the previous year due to lower revenues and increasing operating costs.

Revenue

The company reported a revenue of $7.2 million, a 50% decrease from the previous year’s quarter, primarily due to a decline in the average bitcoin price. However, DMG was able to mine 50% more bitcoin than the prior year period with a total 274 mined bitcoin.

Petra Technology

DMG’s CEO highlighted the success of their Petra technology which was utilized to place Ordinals on Bitcoin blockchain ensuring NFT creators who want to utilize digital asset ledger can do so in carbon-neutral manner .

Core+ Capabilities

The COO emphasized on managing their cash closely and spending concentrated on their Core+ and immersion cooling initiatives improving mining operations . The company continues developing its Core+ capabilities with upgraded Terra Pool software to maximize revenue for DMG and pool members .

Balance Sheet
Despite net loss ,the report asserts that DMG has a strong balance sheet ,with 10 .9 million in cash , 453 BTC & debt 1 million as Dec 31 2022 . Moreover investments have been focused on optimizing investments amidst challenging crypto environment

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