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Crypto News

DMG Blockchain Solutions Boosts Mining Power with Major Antminer Purchase

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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DMG Blockchain Solutions, a prominent player in the Bitcoin mining and cryptocurrency technology sector, has announced a significant acquisition to enhance its mining capabilities. The company has purchased many T21 Antminer Bitcoin miners from Bitmain Technologies, marking a notable expansion in its mining operations.

The firm disclosed that it had bought 4,550 T21 Antminers from Bitmain, expecting these new units to contribute an additional 1.06 exahash per second (EH/s) to its mining power. The total cost of these miners amounted to $12.1 million, financed through a combination of cash and liquidated Bitcoin (BTC). DMG anticipates the arrival of these units in March 2024.

The T21 Antminer, known for its high efficiency, has a baseline output of 190 terahash per second (TH/s), but it can be overclocked to reach up to 233 TH/s. DMG plans to deploy these miners at its Christina Lake data center facility. The company is currently preparing for the installation of these new miners by utilizing previously purchased mining containers at the Christina Lake site.

DMG further elaborated on its strategy:

“With this new fleet, alongside an expected optimization of its existing fleet, DMG aims to enhance its overall fleet efficiency to below 25 joules per terahash (J/TH) post-halvening, projected to occur in April 2024.”

This announcement is amidst a trend of significant ASIC Bitcoin mining machine acquisitions by various mining operations. For instance, Iris Energy recently acquired 7,000 T21 Antminers from Bitmain, and Riot Platforms secured 66,560 ASICs, equivalent to 18 EH/s, from Microbt.

In November, DMG mined 64.7 BTC and held 429 BTC by the month’s end, valued at $18,801,182 based on the prevailing exchange rates. This acquisition represents a strategic move by DMG to bolster its mining capacity and efficiency, positioning the company for increased productivity in the rapidly evolving cryptocurrency mining landscape.