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OLB Group announces Launch of Bitcoin Mining Operation with Initial 100 Antminer S19j Pro Cryptocurrency Asic Miners in Zero Carbon Data Center
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
OLB Group (NASDAQ: OLB) anticipates expansion in its Bitcoin mining operations, planning to have 1,000 Antminer S19j Pro computers by year-end 2021. This growth could generate up to $1.1 million in additional monthly revenue. The company aims for a total of 24,000 machines to be operational in the next 24 months, responding to rising institutional adoption of Bitcoin mining in North America. OLB Group leverages its existing eCommerce services as a foundation for this new venture, indicating a significant shift in their operational strategy toward cryptocurrency.
Positive
Projected additional revenue of $1.1 million monthly with 1,000 mining computers in operation.
Expansion plans to 24,000 mining computers within 24 months, indicating growth potential.
Strategic positioning in the growing Bitcoin mining market as the U.S. leads in institutional adoption.
Negative
None.
● Company Expects to Increase to 1,000Antminer S19j Pro cryptocurrency mining computers by end of year
● OLB Group will be recognizing up to $1.1 million in additional revenue per month with 1,000 computers added alongside their existing omnicommerce offerings
NEW YORK--(BUSINESS WIRE)--
The OLB Group, Inc. (NASDAQ: OLB), a diversified eCommerce merchant services provider and Bitcoin mining enterprise, announced today that DMint, Inc., a wholly-owned subsidiary of OLB ("DMint"), has initiated Bitcoin mining with its first one hundred (100) Antminer S19j Pro cryptocurrency mining computers. DMint anticipates having a total of 1000 computers in operation at its newly installed Bradford, PA data center by the end of 2021 and projects to reach 24,000 Bitcoin mining computers in the next 24 months.
As the U.S. overtakes China as the top destination for Bitcoin mining, OLB Group is at the forefront of institutional adoption as one of the first eCommerce merchants to host Bitcoin mining data centers. By applying innovative processes and their unique merchant services expertise, OLB’s entrance into the mining industry signals the next wave of mining operations in North America.
“I am proud of our team’s dedication and commitment as we work to implement the first phase of our bitcoin mining project.” said Ronny Yakov, Chairman and CEO of the OLB Group. “We are confident that we will have 1,000 Antminer S19j Pro miners operating by the end of this year. Once all 1,000 miners are fully operational, OLB Group will have the capacity for an additional $1.1 million in revenue monthly, assuming a base market price of $45,000 per bitcoin. Although this is a major milestone, we remain focused on our long-term goal of expanding to 24,000 computers by the Fall of 2023.”
Yakov continued, "Because we are a diversified company with a robust core eCommerce business, we have a stable revenue base as our foundation as we ramp up our Bitcoin mining operations".
OLB provides merchants with omnicommerce services including leading-edge crypto commerce capabilities, eCommerce, back office and kitchen operations, and payment acceptance online, in store, and on mobile devices. Merchants utilizing OLB’s OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB expects to leverage DMint mining operations to power expanded crypto commerce services including financing, lending, and fundraising for small and medium sized businesses.
Interested investors or shareholders can be notified of future Press Releases and Industry Updates by emailing investorrelations@OLB.com.
About DMint
DMint is a wholly owned subsidiary of the OLB Group engaged in the mining of Bitcoin in net-zero carbon data centers with an initial deployment of 1,000 ASIC-based Antminer S19j Pro 96T mining computers specifically designed for the efficient mining of Bitcoin. DMint's mission is to mine Bitcoin and other cryptocurrencies by operating the latest technology ASIC-based mining computers powered by sustainable natural gas at a much lower net cost versus our crypto mining peers. DMint plans to increase mining capacity to 24,000 mining computers over the next 24 months to build out capacity to achieve 2.4 exahash per second.
About The OLB Group, Inc.
The OLB Group, Inc. (NASDAQ: OLB) is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for web-based and bricks-and mortar companies for a seamless, comprehensive digital commerce solution that includes site creation, web hosting, customer service, outbound marketing, sales reporting, transaction processing, order fulfillment and payment facilitator offering crypto payment options. OLBit.com, a wholly owned subsidiary of OLB Group, has applied for a license to begin trading and accepting crypto currency for merchants. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
