• DMG Blockchain Solutions Inc. reported a net loss of $7.0 million for the first quarter of 2023 despite mining 50% more bitcoin than the previous year.
• The company attributed the loss to lower revenues and increasing operating costs.
• Despite the net loss, DMG has a strong balance sheet with $10.9 million in cash and 453 BTC and debt of $1 million as of Dec. 31, 2022.
DMG Blockchain Reports Net Loss
DMG Blockchain Solutions Inc., a crypto mining firm, reported a net loss of $7.0 million in Q1 2023 despite mining 50% more bitcoin than the previous year due to lower revenues and increasing operating costs.
Revenue Decrease
The company reported a revenue of $7.2 million, which is a 50% decrease from the previous year’s quarter due to a decline in average bitcoin price during that period.
Petra Technology Utilized
Their success was highlighted by their Petra technology which was utilized to place Ordinals (used to make inscriptions to represent ownership of NFTs or non-fungible tokens) on the Bitcoin blockchain, ensuring that NFT creators who want to utilize this digital asset ledger can do so in a carbon-neutral manner.
Core+ Capabilities Development
DMG continues developing its Core+ capabilities with upgraded Terra Pool software to maximize revenue for DMG and pool members as well as making incremental improvements to its mining operations with their focus on managing its cash closely and spending concentrated on its Core+ and immersion cooling initiatives.
Strong Balance Sheet
Despite the net loss, DMG has been able to maintain financial stability with a strong balance sheet with $10.9 million in cash and 453 BTC as well as debt totaling at only $1 million as of Dec 31 2022