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OLB Group Surges After Starting Bitcoin Mining Operation

The company expects to have a total of 1,000 miners in operation at its newly installed data center by the end of 2021.

Updated May 11, 2023, 5:46 p.m. Published Oct 19, 2021, 2:03 p.m.

OLB Group’s (Nasdaq: OLB) share price jumped more than 10% on Tuesday after the e-commerce merchant service provider said its DMint unit started mining bitcoin with 100 Antminer S19j Pro mining machines.

DMint expects to have a total of 1,000 miners in operation at its newly installed Bradford, Pennsylvania, data center by the end of the year.
The company plans to have a total of 24,000 mining computers by the fall of 2023, with capacity to achieve 2.4 exahash per second hashrate.
“Once all 1,000 miners are fully operational, OLB Group will have the capacity for an additional $1.1 million in revenue monthly, assuming a base market price of $45,000 per bitcoin,” Chairman and CEO Ronny Yakov said in a statement.
The move comes as bitcoin mining has been a very profitable business, given the cryptocurrency’s recent bull run. Recently, Wall Street firm D.A. Davidson said that the miners are “literally printing money” in the current market.

Mining

Aoyon Ashraf

Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.