OLB Group Expands Bitcoin Mining Operation With 500 ASIC Miners, Expects $1M Monthly Revenue

OLB Group, Inc. OLB, a cloud-based merchant service provider, is expanding its Bitcoin BTC/USD mining enterprise DMint.

What Happened: DMint will add 500 Antminer S19j Pro cryptocurrency mining computers by the end of the year and add five additional Bitcoin data centers, the company said Tuesday. 

The company aims to capitalize on the recent geographical shift in mining operations, with the U.S. now replacing China as the world’s top destination for Bitcoin mining. Moreover, Bitcoin’s price has appreciated by more than 80% since DMint first launched its cost-efficient Bitcoin mining business.

“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,” Ronny Yakov, chairman and CEO of the OLB Group, said in a statement. 

Once the operation has reached full capacity, the company expects DMint will mine 15.5 BTC per month.

Assuming the mining network size remains the same and current market prices continue to prevail, this would equate to up to $1 million in monthly revenue.

"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," said Yakov.

DMint plans to increase mining capacity to 24,000 mining computers to build out capacity to achieve 2.4 exahash per second over the next 24 months.

OLB Price Action: OLB shares gained 3.61% on Monday, closing at a price of $4.44 per share. 

Photo by Dmitry Demidko on Unsplash.