OLB Group Announces Launch of 5
Bitcoin Data Centers with Additional 500 Antminer S19j Pro
Cryptocurrency Asic Miners
- 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 million
in additional revenue per month with 1,000 computers added
alongside their existing omnicommerce offerings
NEW YORK, NY October 26,
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 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 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.
The OLB Group -
Investor Relations
Rick
Lutz
InvestorRelations@olb.com
(212) 278-0900
EXT: 333
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