OLB Group and DMint Want to Be Leading the Charge in the Future of Crypto Mining

Photo by Jievani Weerasinghe on Unsplash

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The United States, along with other countries around the world, creates its currency by printing bills and coins and distributing them to the population. But the governments can’t make money without adhering to a process controlled by a centralized system of checks and balances. 

On the other hand, Bitcoin (BTC) and other cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE) don’t have a central regulation system or a physical presence because they only exist in the virtual world. With no set monitoring system for digital currency, there has to be some measure in place to prevent the endless creation of crypto because that would dilute the investment.

So, to make certain cryptocurrencies, people need to mine it. They do this by solving extremely complicated mathematical problems with the help of powerful computers. When the computation is complete, it creates a new digital coin. Historically, the problem with that is the tremendous energy it takes to solve these complex puzzles and their impact on the environment.

The New Age of Mining?

It used to be that the most profitable mining operations were those that unearthed and processed precious metals like silver and gold. Today, some investors are adding cryptocurrency to the list. That's because companies that mine for cryptocurrencies and do it well are just as profitable, if not more so. In fact, the industry could far surpass the profit margins of pharmaceutical sales and software development.

As stated, one of the biggest concerns voiced by many for the environment is the energy it takes to run the network of computers that mine for coins. But DMint, a subsidiary of the e-commerce merchant services provider OLB Group Inc. OLB, says that it developed a better way to mine for crypto that’s not only cost-efficient but green as well. An announcement in August showed that the company intends to start its new system by bringing 1,000 machines online in Pennsylvania by the end of the year.

The great news, says OLB, is that these cryptocurrency mining operation machines will have a zero carbon footprint. OLB hopes to expand to 24,000 machines by the end of 2023. The company has an agreement with natural gas mines in the area, which will come straight from wellheads to make the electricity that will power the mining operation.

Being an e-commerce company, OLB sees the future of cryptocurrency as having a significant role in consumer purchases. By using its subsidiary to try and create an efficient system that can yield a positive result and a substantial profit while preserving the Earth, the company is attempting to create success in the industry.

Who Will Last and Who Won’t?

With that in mind, not all companies that get into the crypto mining game may stand the test of time or see sustainable profit margins. Businesses might need the right combination like the proper rig setup and a reliable and efficient power source in the right location to make money that is greater than their expenses. 

Fortunately for the United States, when the Chinese government banned cryptocurrency mining in September, it eliminated a lot of the competition in the industry. It also generated an opportunity for the best operations to fill the void. Given that OLB CEO Ronny Yakov revealed that the company has a strategy to give its merchants expanded crypto commerce services, OLB, with the expertise of DMint, says that it is ready for the challenge.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.