The cryptocurrency craze isn’t over quite yet. As evidenced by DMG Blockchain (OTCMKTS:DMGGF) and DMGGF stock, this certainly appears to be the case.
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Today, investors in DMGGF stock are seeing gains of more than 15% at the time of writing. However, this move is extra intriguing today. Why?
Well, this move comes amid a rather flat day for cryptocurrencies in general. Top cryptocurrencies Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) are actually down at the time of writing.
So, why all the optimism?
Today, DMG made an announcement that has sent this stock on a very nice rally. Let’s dive into what was announced, and why investors are jumping aboard DMGGF stock today.
DMGGF Stock Moving on Strategic Update
Today, DMG Blockchain announced an update on its Core+ operations. The company’s Core+ software platforms and Core+ data center infrastructure provide a range of crypto-specific services. These include Explorer, Walletscore, Pool and Mine Manager.
The company’s Pool platform announced it is operating over 1 exahash for a client. This equates to one quintillion hashes per second. The projected annual revenues from this client exceed $2 million per year (or $45,000 a week), according to the release.
Putting a number for forward revenue projections has clearly been beneficial for this stock. Investors appear to be pricing in this certainty into DMGGF stock today.
Furthermore, the company announced its moving into “full vertical integration in the creation of bitcoin, and is the foundation for becoming more involved in the entire bitcoin ecosystem.” Based on its existing technology, DMG is expected to generate 225 Bitcoin per month for its client. If DMG is able to capture more of this value via vertical integration, investors could stand to benefit in a big way.
As with other blockchain plays, DMG operates in a highly speculative space. Accordingly, investors should always remember to practice proper portfolio discipline when considering such positions.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.