The following is a summary of the DMG Blockchain Solutions Inc. (DMGGF) Q2 2024 Earnings Call Transcript:
Financial Performance:
DMG Blockchain Solutions reported a cash plus Bitcoin balance of $43.6 million, up both 57% quarter-over-quarter and 101% year-over-year.
Their total assets rose 30% sequentially to $118.4 million.
The company mined 153 Bitcoins in Q2, sold about 140 Bitcoin generating $10.7 million in cash.
They posted a positive net income for the second consecutive quarter.
DMG has a current debt at 7.8% interest rate, positively impacting their capital structure.
Business Progress:
DMG heavily invested in building a qualified digital asset custodian business, Systemic Trust, set to be completed this calendar year.
Software development, including an upgraded version of Blockseer Explorer, is in progress.
DMG invested $600,000 into Bosonic, with its integration already in process with Systemic Trust.
The planning of Terra Pool's operational software is in place alongside increase in hash rate to 1.7 exahash with new Bitmain T21 miners.
DMG plans to reduce its energy costs by developing a new data center with access to renewable energy.
The operational and capital costs were managed to attain a profitable business structure.
Focus has been shifted towards the Systemic Trust project for better dividends.
The firm plans to participate in several upcoming conferences such as the World Digital Mining Summit, Mining Disrupt, and Bitcoin 2024.
They anticipate an industry consolidation following the next halvening, considering access to power resources a key asset.
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