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Vertically integrated blockchain and cryptocurrency technology firm, DMG Blockchain Solutions (OTCMKTS:DMGGF) on July 20, 2021 announced investment in Vancouver based manufacturing firm specialising in design and manufacture of multiple industries, Black Box Manufacturing.
DMG has taken a 15% equity stake in $30K passive investment, with future rights to increase or exit. This will enable DMG access to quicker manufacturing, fixed pricing on projects as well as free engineering expertise.
The combination will offer infrastructure building as well as end-to-end services different crypto mining operations. Components are made in Greater Vancouver area especially for North America market.
The investment will enable DMG to make 100% of its mining infrastructure locally, including planned conversion to immersion cooling systems at the Christina Lake data centre. While the initial order is 450 custom power channels, the additional channels will lead to creation of 10,800 spaces for newest generation ASIC bitcoin miners.
The company will be ordering nearly 15 forty-foot containers after which DMG will also be focusing on immersion cooling retrofitting orders besides crypto mining containers. Black Box will also plan solar panel deployment at the 80 MW Christina Lake facility.
Sheldon Bennett, DMG’s CEO, said that the company will execute efficiently on its growth plans and also believes that reliance on Black Box will not just manufacture but also manage, design and install. Benett added that the partnership will be key to the growth strategy as it looks to add more crypto mining locations.
Shares of DMGGF are up by 20.65% to $0.56 by mid-day trading.