NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced DMint, Inc., a wholly-owned subsidiary of OLB (“DMint”), is planning to bring approximately one thousand cryptocurrency mining machines online this year operated by zero carbon footprint data centers.
OLB has entered into an exclusive agreement to purchase all-natural gas yield from wells in Bradford, PA through Cai Energy Blockchain. The terms of the agreement enable DMint to become a vertically integrated cryptocurrency mining company. The environmental impact footprint of the cryptocurrency mining operation will be close to zero as the natural gas will be taken directly from the well heads to generate electricity.
“DMint is an integral part of OLB’s multi-stage strategy to empower our merchants with enhanced services, which today include access to capital and expanded crypto commerce services that help them compete and stand out in any market,” said Ronny Yakov, Chief Executive Officer at the OLB Group. “We have taken an aggressive position with cryptocurrency and underlying blockchain technology in our omnicommerce platforms. We believe that cryptocurrency will have a major impact in the payment industry and want to be at the forefront of the industry as it adopts acceptance of cryptocurrencies. We are committed to grow with this market, and are looking to add other capabilities and services that will expand crypto commerce access for our merchants.”
DMint has initiated the first phase of the cryptocurrency mining operation by placing purchase orders for data centers and ASIC-based Antminer S19J Pro mining computers specifically configured to mine Bitcoin. The first lot of equipment will be used to establish a proof of concept before DMint expands the number of computers in operation. As configured, it is expected that the computers purchased will have a combined computing power of approximately 100 petahash per second. Based on the mining profitability rate as of today, assuming a mining operation working at 100 petahash per second would generate $1 Million monthly recurring revenues expected starting in Q4, 2021.
If the initial mining operation results are as anticipated, DMint plans to expand the number of mining computers every quarter, whereby it would potentially have the computing power of 500 petahash per second by the end of 2022.
DMint plans to continue to leverage Cai Energy‘s breadth of experience in gas operations and acquisitions to ensure consistent delivery of natural gas necessary to produce electrical power for its cryptocurrency mining operations as they are expanded.
“Cryptocurrency mining consumes electricity at rates that exceed the available capacity of the traditional power grid,” said Bessie Cai, Chief Executive Officer of Cai Energy Blockchain. “DMint will have access to sufficient natural gas to produce the 100MW of electricity necessary for the initial data centers, and Cai Energy has already secured up to 1000MW of electricity capacity for further expansion.”
Yakov added, “Once up and running, the DMint’s cryptocurrency mining operations will provide OLB with a significant revenue and profit engine for rapid organic growth on a quarter-to-quarter basis going forward.”
Merchants interested in implementing cryptocurrency commerce or omnicommerce services can set up a SecurePay or OmniSoft account at https://cardaccept.com/#contact.
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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.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. 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.