OLB Group announces Launch of Bitcoin Mining Operation with Initial 100 Antminer S19j Pro Cryptocurrency Asic Miners in Zero Carbon Data Center
October 19 2021 - 8:30AM
Business Wire
● Company Expects to Increase to 1,000 Antminer 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
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.
Merchants interested in implementing crypto commerce or
omnicommerce services can set up an OmniSoft account at
https://cardaccept.com/#contact. For more information about The OLB
Group, please visit www.olb.com or www.olb.com/investors-data.
Future OLB Press Releases and Updates
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211019005335/en/
The OLB Group - Investor Relations Rick Lutz
InvestorRelations@olb.com (212) 278-0900 EXT: 333
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