VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) – DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX), a company specializing in blockchain technology and data center solutions, has revealed a strategic partnership with PayPal (NASDAQ: PYPL) and Energy Web (EWT) to investigate methods for reducing the carbon footprint of the Bitcoin blockchain. This collaboration aims to enhance the Bitcoin network’s capabilities as an environmentally friendly payment system.
The joint efforts of DMG, Energy Web, and PayPal will culminate in the publication of a research paper focused on providing users of the Bitcoin network with carbon-neutral transaction options. PayPal, known for its advancements in payment technologies, including the introduction of the PayPal USD (PYUSD) stablecoin in partnership with Paxos Trust Company in August 2023, is actively involved in expanding its bitcoin payment infrastructure.
Energy Web, a nonprofit organization dedicated to developing open-source software for clean energy solutions, introduced Green Proofs for Bitcoin (GP4BTC), an innovative initiative establishing a standardized energy measurement system for Bitcoin mining. DMG was among the first companies to receive a Clean Energy Score under this program.
DMG’s expertise lies in carbon-neutral bitcoin mining and transaction technology that facilitates carbon-free bitcoin transfers between users. By leveraging its unique technology stack and experience in Bitcoin Core software engineering, DMG contributes significantly to the collaboration. PayPal, Energy Web, and DMG, each bringing their own specialized knowledge to the table, are excited about the progress made in the “Green Mining Initiative” and look forward to sharing their findings with the broader community.
Sheldon Bennett, CEO of DMG, expressed enthusiasm about the partnership, emphasizing the company’s commitment to decarbonizing the Bitcoin blockchain. With initiatives like Terra Pool, the industry’s first carbon-neutral mining pool, and Petra, a transaction technology integrated with Terra Pool, DMG is at the forefront of sustainable practices in the industry. The collaboration with PayPal is expected to accelerate these efforts and drive sustainable advancements in the sector.
Edwin Aoki, Chief Technology Officer of PayPal’s Blockchain, Crypto, and Digital Currency Group, highlighted the importance of exploring solutions to reduce the carbon impact of decentralized financial networks globally. He acknowledged DMG’s expertise in Bitcoin network software development and access to carbon-neutral mining infrastructure as valuable assets in this endeavor.
Jesse Morris, CEO of Energy Web, commended DMG for its innovative approach to blockchain sustainability, citing the company as a role model for the industry. The active participation of industry leaders like DMG enhances Energy Web’s initiatives aimed at promoting sustainable practices across all aspects of blockchain technology.
Through its collaboration with PayPal, DMG aims to set a new standard for blockchain applications in the financial sector, driving the adoption of environmentally friendly technologies. This proactive stance towards addressing environmental concerns associated with cryptocurrency operations contributes to the overall decarbonization of the global economy. Learn more about the collaborative efforts of DMG, Energy Web, and PayPal in sustainable innovation.
About Energy Web
Energy Web is a global non-profit organization dedicated to accelerating the transition to clean energy through the development of open-source technology for energy systems. By offering enterprise-grade solutions that enhance coordination across complex energy markets, Energy Web enables the full potential of clean, distributed energy resources for various stakeholders. The Energy Web ecosystem includes leading corporations, energy firms, utilities, renewable energy developers, major players in the transportation sector, and telecommunications leaders. For additional information on Energy Web, visit www.energyweb.org and follow Energy Web on Twitter @EnergyWebX.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a prominent company committed to the development and management of blockchain-based solutions with a focus on environmental sustainability. Through innovative digital solutions that cover the entire blockchain ecosystem, DMG promotes technological progress while upholding sustainability principles. The company’s operations are structured around its Core and Core+ strategies, underscoring DMG’s dedication to vertical integration and environmental responsibility.
For more details on DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Stay updated on the latest developments and insights by following @dmgblockchain on Twitter and subscribing to the DMG YouTube channel.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: [email protected]
Web: www.dmgblockchain.com
Investor Relations Contact
CORE IR 516-222-2560
For Media Inquiries
Jules Abraham
CORE IR
917-885-7378
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding collaborating with PayPal on the bitcoin network, DMG’s strategies and plans, the potential and benefits of Terra Pool, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate could significantly impact DMG’s bitcoin production, while future operating results may be influenced by the price of bitcoin and changes in hash rate mining difficulty.
Forward-looking statements involve beliefs, plans, expectations, or intentions regarding the future and are not purely historical in nature. Such information typically includes forward-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue” or variations thereof. It is important to note that assumptions underlying forward-looking information may prove to be inaccurate, and actual results may differ due to various known and unknown risks, uncertainties, and factors beyond the Company’s control. These factors include market conditions, economic fluctuations, volatility in the trading price of the Company’s common shares, regulatory uncertainties, competition, security threats, and more. DMG may not realize its plans, projections, or expectations. Readers should exercise caution when relying on forward-looking statements as actual results may vary. The speculative nature of DMG’s securities is worth noting due to the Company’s business model. For more information on risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. Past financial performance may not accurately predict future performance.
Factors that could lead to differences between actual results and forward-looking statements include failure to obtain regulatory approval, capital availability, equipment failures, lack of equipment supply, unforeseen regulations, technological impacts, and other external factors. The ongoing Covid-19 pandemic and other similar events may also impact the Company’s operations. Forward-looking statements in this news release are subject to qualification by this cautionary statement, and readers are advised against placing undue reliance on such information. The statements are accurate as of the date of this release, and the Company disclaims any obligation to update or revise forward-looking statements, except as required by law. Additionally, the Company does not undertake to comment on third-party expectations or statements related to the topics discussed above.