What's Going On With DMG Blockchain Solutions?
DMG Blockchain Solutions (DMGGF) stock popped on Friday after the crypto tech company and UK-listed bitcoin mining company Argo Blockchain entered into a crypto climate accord (CAA), which is meant to promote industry decarbonization. Shares of the company were trading higher 10.55% to $0.83 a share on Friday.
With an increasing focus on limiting the carbon footprint that comes with mining cryptocurrency, especially following Elon Musk's statement regarding his decision to no longer accept Bitcoin as payment for Tesla vehicles due to the energy exhausted in mining BTC tokens---causing a sudden crypto crash--DMG and Argo seem to want to chart a more eco-friendly path.
“Since our inception, DMG has been committed to transparency and good governance,” said Sheldon Bennett, CEO of DMG Blockchain Solutions. Adding, “Partnering with the Crypto Climate Accord alongside Argo allows us to apply those values to put us on a path to become a more sustainable industry. Together, we can finally put the wheels in motion to transition the cryptocurrency industry into one that focuses on renewable energy.”
What Does This Mean For DMG Blockchain Solutions?
The CAA sets forth a variety of key objectives for the crypto mining industry, including reaching net-zero emissions from electricity consumption by 2030. Even more important, both Argo and DMG are among the first cryptocurrency firms to sign up to the CCA. Under the terms of the agreement, the companies will deploy new technologies to increase the "transparency of the renewable energy sourcing of crypto mining."
DMG Blockchain Solutions Inc. operates as a blockchain and cryptocurrency company. It operates through data centre operations, data analytics and forensics, and developing enterprise Blockchains divisions. The company manages, operates, and develops digital solutions to monetize the blockchain ecosystem.
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DMG Blockchain Solutions Inc is a full-service blockchain and cryptocurrency company. It manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. It is also involved in server hosting and other similar service arrangements for the transaction verification services business and software solutions. The company engages in the research and development of technology solutions related to the transaction verification business. It derives revenue from Cryptocurrency mining, Sale of mining equipment, and Set-up and hosting fees.