Upon receipt of the 400 machines, OLB will have a total of 1,000 Antminer S19j Pro cryptocurrency machines operating at two facilities in Bradford, Pennsylvania.
NEW YORK, January 13, 2022–(BUSINESS WIRE)–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 proprietary OLB (“DMint”), plans to take delivery of the first of four hundred (400) additional Antminer S19j PRO Bitcoin mining machines this month. The order was prepaid in November 2021.
DMint believes it will be able to generate around $1 million in additional monthly revenue (assuming an average Bitcoin price of $42,000) once all 1,000 mining machines are deployed and fully operational.
“Upon delivery of all machines, these 400 Antminers will bring the total number of cryptocurrency mining machines to 1,000. We plan to periodically order additional machines on an ongoing basis,” said Ronny Yakov, OLB Group Chief Executive Officer.
OLB provides merchants with omnicommerce services, including state-of-the-art crypto-commerce capabilities, e-commerce, back-office operations, and payment acceptance 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 payment. OLB plans to leverage DMint’s mining operations to power expanded crypto trading services, including financing, lending, and fundraising for its merchants and other small and medium businesses.
Merchants interested in implementing crypto-commerce or omni-commerce services can create 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.
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DMint, Inc., a wholly owned subsidiary of The OLB Group, Inc., is engaged in Bitcoin mining. As a vertically integrated mining company, DMint uses proprietary power reserves to power the latest Antminer S19j Pro mining computers, allowing them to mine Bitcoin and other cryptocurrencies at a lower cost than their competitors. DMint plans to increase the total mining capacity to 24,000 mining computers over the next 24 months to develop the capacity to reach 2.4 exahash per second.
About OLB Group, Inc.
The OLB Group, Inc. (NASDAQ: OLB) is a diversified Fintech e-commerce merchant services provider and Bitcoin crypto mining company. The Company’s e-commerce platform provides cloud-based merchant services for web-based businesses and bricks and mortar for a complete and seamless digital commerce solution that includes site creation, web hosting , customer service, outbound marketing, sales reporting, transaction processing, order fulfillment, and a 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 cryptocurrency for merchants. For more information on solutions, services or to find a reseller, visit www.olb.com. Information for investors is available at www.olb.com/investors-data.
Safe Harbor Statement
All statements of The OLB Group, Inc. in this press release that are not based on historical facts 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 successfully expand our Bitcoin mining capacity with existing energy resources, our ability to implement our own merchant onboarding and CRM system 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 Company’s management has based the forward-looking statements contained herein on its current expectations, the information on which such 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, that could cause actual results actuals differ materially from these statements. These risks, uncertainties and other factors include statements regarding expected revenues and revenues for operations to be generated by The OLB Group, Inc. For other factors that could cause our actual results to differ from those expected, see the caption “Risk Factors” in the company’s most recently filed Forms 10-K and 10-Q, as amended, and in other public filings with the SEC since that date. The Company operates in a competitive and rapidly changing environment, and new risks may arise. Accordingly, 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.
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The OLB Group – Investor Relations
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