NEW YORK--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
OLB GROUP ANNOUNCES TOTAL OF 600 ANTMINER S19J PRO CRYPTOCURRENCY ASIC MINERS IN OPERATION
- Company Expects to Increase to 1,000 Antminer S19j Pro cryptocurrency mining computers by end of year
- Company projects up to $1 million in additional revenue per month with 1,000 computers added alongside their existing omnicommerce offerings
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 increased 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.
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.