OLB Group Inc. Signs Long Term Lease for 10,000 Square Foot Cryptocurrency Mining Facility in Bradford, PA
January 11 2022 - 7:45AM
Business Wire
DMint, a Wholly Owned Subsidiary Dedicated to Cryptocurrency
Mining, Building Out Second Data Center Facility to be Powered from
the Local Power Grid
The OLB Group, Inc. ("OLB," “we,” “us,” “our,” or
the "Company"), a diversified Fintech eCommerce merchant services
provider and Bitcoin crypto mining enterprise, has announced the
company has signed a long term lease on a 10,000 square foot mining
operation with capacity for up to 2,000 Antminer S19j PRO machines.
Located in an industrial park adjacent to the Bradford Regional
Airport in Bradford, Pennsylvania to eliminate potential noise
complaints, the facility is in the process of being converted into
a cryptocurrency mining data center powered on the local power grid
in tandem with natural gas power.
The Company anticipates utilizing debt financing for the capital
investment necessary for additional crypto mining machines.
"We are very pleased to be taking this next step in building the
foundation for our planned aggressive development of our Bitcoin
mining operation. Our first facility in Bradford is currently
operating on natural gas. This second facility will be powered from
the power grid. This blended power solution lays the foundation to
establishing a sustainable, cost-efficient Bitcoin mining
operation.”
“With room to install up to 2,000 Bitcoin mining machines in
this second facility, this data center will eventually meet the
challenge of minimizing our carbon footprint and operating a cost
efficient and profitable operation.”
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future
Press Releases and Industry Updates by e-mailing
investorrelations@OLB.com
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant
services provider and Bitcoin crypto mining enterprise. The
Company's eCommerce platform delivers cloud-based merchant services
for a comprehensive digital commerce solution to over 10,500
merchants in all 50 states. DMint, a wholly owned subsidiary of OLB
Group, is engaged in the mining of Bitcoin utilizing sustainable
natural gas with an initial deployment of efficient 1,000
ASIC-based S19j Pro 96T mining computers projected by end of 2021.
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 and www.Dmint.com.
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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111005080/en/
Rick Lutz The OLB Group - Investor Relations
InvestorRelations@olb.com (212) 278-0900 EXT: 333
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From Sep 2024 to Oct 2024
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From Oct 2023 to Oct 2024