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.
Oct 19, 2021 at 2:03 p.m. UTCUpdated May 11, 2023 at 5:46 p.m. UTC
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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.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets