Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
VANCOUVER, British Columbia, Oct. 29, 2020 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT: 6AX) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce the launch of a new North America-based Bitcoin mining pool from its USA subsidiary company Blockseer.
- Blockseer’s new Bitcoin mining pool will be North America’s first bitcoin mining pool that will not only meet, but exceed the US Government’s Office of Foreign Assets Control (OFAC) compliance for BTC addresses, as well as providing the utmost level of transparency, auditability and corporate governance.
- Blockseer’s pool may further decentralize the bitcoin blockchain, readjusting the balance of hash rate to North America, where more Bitcoin nodes operate.
- Blockseer’s pool integrates DMG’s existing proprietary crypto forensics data, including Walletscore, to ensure that transaction blocks are OFAC compliant, as well as other risk factors that Walletscore tracks and manages
- Blockseer’s pool is integrated into DMG’s core technology platform, bringing all of DMG’s mine manager features into the pool, and providing an integrated User Experience for our customers.
Crypto-mining pools are the software protocols by which all miners connect to the various blockchains. Bitcoin mining pools generate revenue by charging fees to miners, usually between 1% to 3% of the total bitcoin mined. Miners contribute their hash rate to the pools and receive bitcoin rewards proportional to the total hash rate they contribute.
Over the past two years, DMG has worked with various accounting and legal firms as technical experts to investigate and test data from various mining pools, as there is currently no requirement for private pools to meet any data or reporting standards. Blockseer’s pool is focused on meeting such standards so that users can be assured that proper governance is in place for reliable data reported in a transparent way with third party independent verification.
All users of Blockseer’s pool are required to pass KYC (Know Your Customer) protocols, and blocks posted to the Bitcoin blockchain by Blockseer’s pool will only contain filtered transactions using Blockseer and Walletscore’s labeling data, along with verified sources such as the United States OFAC blacklist for crypto. Blockseer’s data analytics platform has been used by various law enforcement agencies over the past six years, providing Blockseer’s new pool with credible data relating to fraud, theft, money laundering and various other nefarious dealings which will be filtered out of any block that this pool will post to the Bitcoin blockchain.. Blockseer has a US patent pending novel approach to transaction filtering which examines transactions to and from bitcoin wallets which will exclude high risk wallets from being included in Blockseer’s posted blocks.
DMG’s CTO Adrian Glover commented “I am very proud of the work of our development team over the past year, to build and launch Blockseer’s pool platform. We built the pool on the technology platform that drives our mine management platform, thus creating a unified user experience for our customers, and enabling us to quickly add features to both products. In the near-term future, we will be providing audit ready reports and irrefutable proof of our customers’ mining revenue, directly from our user interface. For DMG, the launch of the pool is only the beginning, our team will continue to work hard on adding all of the revenue, cost tracking and projection information that miners look for. Following the same philosophy which we used in building our mine management platform, we built the pool we wished our vendors had provided for us.”
DMG’s COO Sheldon Bennett added, “I have personally led the forensic practice at DMG and have worked on multiple audits of publicly listed mining companies. We recognized early on the need for a mining pool that provided data that meets the needs of financial audits. However, it is not just public companies who need better transparency in pools, but any company or individual that sees the value in higher corporate governance through independent assurance of mining pool operations, fees and data. Blockseer’s pool brings a new compliance-focused standard to the industry, not only in the data the pool provides to its users, but also in the Bitcoin blocks it mines on the network. The pool is focused on being devoid of transaction from known nefarious wallets which use this medium in ways that continue to sully the reputation of crypto currencies, specifically Bitcoin, in the…