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 additional revenue per month with 1,000 computers added
alongside their existing omnicommerce offerings
NEW YORK, October 19, 2021 --
InvestorsHub NewsWire -- 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.
The OLB Group -
Investor Relations
Rick
Lutz
InvestorRelations@olb.com
(212) 278-0900
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