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OLB Group Subsidiary DMint Orders Data Centers For Cryptocurrency Mining
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Rhea-AI Sentiment
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Rhea-AI Summary
The OLB Group (NASDAQ: OLB) announced that its subsidiary, DMint, will launch cryptocurrency data centers in mid-September 2021. The initial setup of 1,000 miners in Bradford, PA, is projected to generate approximately $3M in revenue for Q4 2021. The data centers will operate with a net-zero carbon footprint, utilizing clean gas energy. DMint aims to scale up to 24,000 miners over the next 24 months, enhancing OLB's capacity in cryptocurrency commerce.
Positive
Anticipated revenue generation of approximately $3M for Q4 2021.
Environmental commitment with a net-zero carbon footprint.
Potential to expand miner capacity to 24,000 over the next 24 months.
Negative
None.
Data centers will begin operations in mid-September, housing the first 1000 miners expected to generate around $3M for the 4th quarter of 2021 revenue, and functioning with a net-zero carbon footprint.
NEW YORK--(BUSINESS WIRE)--
The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced that DMint, Inc, a wholly-owned subsidiary of OLB (“DMint”), is expecting their first batch of cryptocurrency data centers to come online mid-September 2021. Located in Bradford, PA, the centers will be powered through clean gas energy generated through DMint mineral rights.
“These new data centers employ the latest efficiencies for maximizing performance of the miners with an eye on the environmental impact and cost of power,” said Ronny Yakov, Chief Executive Officer of OLB. “We expect this approach to generate excellent revenue and will enable further expansion of all services and functions important to keeping our merchants competitive. Crypto commerce is becoming increasingly popular with merchants and consumers, and OLB is striving to make it accessible to all.”
Dmint’s first data centers will accommodate some 1000 miners that are expected to be in operation before the end of September 2021, generating more than $3M new revenue for OLB. DMint has plans to increase capacity to some 24,000 miners over the next 24 months.
Merchants interested in implementing cryptocurrency commerce or omnicommerce services can set up a SecurePay or OmniSoft account at https://cardaccept.com/#contact.
Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com.
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.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. 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.
