DMG Blockchain Solutions (OTCQB:DMGGF) shares are up 5% on Thursday after the bitcoin miner reported 18% increase in realized hashrate to an average of 0.55 EH/s during the third quarter, still almost the half of company's year-end target of 1 EH/s.Bitcoin Mined: The company mined total of 212 bitcoin, an 8% increase versus the prior quarter from 195 bitcoin, reflecting the hashrate growth partially offset by a 9% reduction of the network BTCs per hash.Year-to-date, DMG has mined 592 bitcoin.Revenue, however, declined 12% sequentially to 10.5M for the quarter ended June 30, 2022, reflecting lower self-mining revenue to $9M. Also, the average price of a mined bitcoin declined 19% versus the prior quarter to C$42,288.Bitcoin Sold: In the June quarter, DMG sold 171 bitcoin at an average bitcoin price of C$38,934 generating $6.7M of cash. That reflects sale of 81% of the bitcoin mined, down from the prior quarter of selling 133% of the bitcoin amount generated.Gross margin percentage was 66%, down from 73% the prior March quarter.Net loss for the quarter amounted to $12.2M.The company said it expects depreciation to continue to rise as we deploy additional miners through the end of the calendar year.Cash plus bitcoin holdings value decreased to $11.9M from $28.1M in the prior quarter, as the price used to value the company's bitcoin on the balance sheet decreased 56% versus the prior quarter, report.Total asset base accordingly de...
SEC Hosts First-Ever Crypto Roundtable Today
