Business
OLB Group announces Launch of Bitcoin Mining Operation with Initial 100 Antminer S19j Pro Cryptocurrency Asic Miners in Zero Carbon Data Center
● 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
About this update from The Olb Group, Inc.
[{"type":"text","content":"\n● Company Expects to Increase to 1,000 Antminer S19j Pro cryptocurrency mining computers by end of year\n\n● 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\n\n NEW YORK--(BUSINESS WIRE)--\nThe 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.\n\nAs 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.\n\n“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.”\n\nYakov 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\".\n\nOLB 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 car...