CORRECTING and REPLACING OLB Group Announces Total of 600 Antminer S19j Pro Cryptocurrency Asic Miners in Operation
October 26 2021 - 3:51PM
Business Wire
- Company Expects to Increase to 1,000 Antminer S19j Pro
cryptocurrency mining computers by end of year
- Company projects up to $1 million in additional revenue per
month with 1,000 computers added alongside their existing
omnicommerce offerings
Please replace the release with the following corrected version
due to multiple revisions.
The updated release reads:
OLB GROUP ANNOUNCES TOTAL OF 600 ANTMINER
S19J PRO CRYPTOCURRENCY ASIC MINERS IN OPERATION
- Company Expects to Increase to 1,000 Antminer S19j Pro
cryptocurrency mining computers by end of year
- Company projects up to $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 expanded its Bitcoin mining operation with the addition of five
hundred (500) Antminer S19j Pro cryptocurrency mining computers.
DMint anticipates having a total of 1000 computers in operation at
its newly completed Bradford, PA location by the end of 2021 and
projects to reach 24,000 Bitcoin mining computers - in various
locations - 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
cryptocurrency adoption as one of the first eCommerce merchants to
host Bitcoin mining data centers. By applying innovative processes
to their unique merchant services expertise, OLB’s entrance into
the mining industry signals the next wave of mining operations in
North America.
“The addition of 500 state-of-the-art Antminer S19j Pro
computers is a major step towards scaling our Bitcoin Mining
operation,” said Ronny Yakov, Chairman and CEO of the OLB Group.
“The positive price movement since the start of our mining
operations makes us even more optimistic about the long-term
viability of our operations. We remain fully committed to scaling
our operations to 24,000 computers by the end 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."
Once at full capacity - assuming current market price and mining
network size - DMint expects to mine 15.5 Bitcoins per month,
generating $1 million in increased monthly revenue.
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 Bitcoin mining. As a vertically integrated mining
company, DMint utilizes proprietary energy reserves to power the
latest Antminer S19j Pro mining computers, enabling them to mine
Bitcoin and other cryptocurrencies at a lower cost that their
competitors. 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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The OLB Group - Investor Relations Rick Lutz
InvestorRelations@olb.com (212) 278-0900 EXT: 333
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