NEW YORK–(COMMERCIAL THREAD) –The OLB Group, Inc. (NASDAQ: OLB), a diversified e-commerce merchant services provider and Bitcoin mining company, today announced that DMint, Inc., a wholly-owned subsidiary of OLB (âDMintâ), has launched Bitcoin mining with its first hundred (100) Antminer S19j Pro Cryptocurrency Mining Computers. DMint plans to have a total of 1,000 computers up and running at its newly installed data center in Bradford, PA by the end of 2021 and plans to reach 24,000 Bitcoin mining computers over the next 24 months.
As the United States overtakes China as a top destination for Bitcoin mining, the OLB Group is at the forefront of institutional adoption as one of the first e-commerce merchants to host Bitcoin mining data centers. By applying innovative processes and unique expertise in market services, OLB’s entry into the mining industry heralds the next wave of mining operations in North America.
“I am proud of the dedication and commitment of our team as we work to implement the first phase of our bitcoin mining project.” said Ronny Yakov, Chairman and CEO of the OLB Group. âWe are confident that we will have 1,000 Antminer S19j Pro miners operational by the end of this year. Once the 1,000 miners are fully operational, the OLB Group will have the capacity to generate an additional $ 1.1 million in revenue per month, assuming a base market price of $ 45,000 per bitcoin. While this is an important milestone, we remain focused on our long-term goal of expanding to 24,000 computers by fall 2023. â
Yakov continued, “Because we are a diverse company with a strong core e-commerce business, we have a stable revenue base as a base as we scale up our Bitcoin mining operations.”
OLB provides omnicommerce services to merchants, including cutting-edge crypto trading capabilities, e-commerce, back-office, and kitchen operations, and acceptance of payments online, in-store, and on mobile devices. Merchants using OLB’s OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card payments. OLB plans to leverage DMint’s mining operations to power extensive crypto trading services, including financing, lending, and fundraising for small and medium businesses.
Merchants interested in implementing crypto-commerce or omnicommerce services can create an OmniSoft account on https://cardaccept.com/#contact. For more information on the OLB Group, please visit www.olb.com Where www.olb.com/investors-data.
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DMint is a wholly owned subsidiary of OLB Group engaged in Bitcoin mining in zero carbon data centers with an initial deployment of 1,000 ASIC-based Antminer S19j Pro 96T mining computers specifically designed for mining. efficient bitcoin. DMint’s mission is to mine Bitcoin and other cryptocurrencies using the latest ASIC mining computer technology powered by sustainable natural gas at a net cost much lower than our crypto-mining counterparts. DMint plans to increase mining capacity to 24,000 mining computers over the next 24 months to expand capacity to 2.4 exahash per second.
About OLB Group, Inc.
The OLB Group, Inc. (NASDAQ: OLB) is a Diversified Fintech Ecommerce Merchant Services Provider and Bitcoin Cryptocurrency Mining Company. The company’s e-commerce platform provides cloud-based merchant services for web and physical businesses for a seamless and comprehensive digital commerce solution that includes site creation, web hosting, customer service, outbound marketing, sales reporting, transaction processing, order fulfillment and payment enabler offering crypto payment options. OLBit.com, a wholly owned subsidiary of the OLB Group, has applied for a license to start trading and accepting cryptocurrency for traders. For more information on solutions, services or to find a reseller, please visit www.olb.com. Information for investors is available at www.olb.com/investors-data.
Safe Harbor Declaration
All statements of The OLB Group, Inc. contained in this press 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 regarding the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary onboarding and CRM system for merchants, and to deploy 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 generate revenue from new operations. Although the management of the Company has based all forward-looking statements contained in this document on its current expectations, the information on which those expectations were based may change. These forward-looking statements are based on a number of assumptions about future events and are subject to a number of risks, uncertainties and other factors, many of which are beyond our control, which could cause the results actual differ significantly from these statements. These risks, uncertainties and other factors include statements regarding the income and expected trading income to be generated by The OLB Group, Inc. For other factors that could cause our actual results to differ from those expected, see the information under caption âRisk Factorsâ in the Company’s most recent Forms 10-K and 10-Q, and their amendments, as well as in other public documents filed with the SEC since that date. The Company operates in a competitive and rapidly changing environment, and new risks may arise. Therefore, investors should not rely on forward-looking statements as a prediction of actual results. The Company disclaims any intention and assumes no obligation to update or revise any forward-looking statement.