Skip to Content
Global News Select

OLB Group Shares Up 20% as Unit Begins Bitcoin Mining Operations

By Chris Wack

 

The OLB Group Inc. shares rose 20% to $6.17 after the company said its DMint Inc. subsidiary started bitcoin mining with its first hundred Antminer S19j Pro cryptocurrency mining computers.

The company said DMint sees having 1000 computers in operation at its newly-installed Bradford, Penn., data center by the end of 2021, and projects to reach 24,000 Bitcoin mining computers in the next 24 months.

Once all 1,000 miners are fully operational, OLB Group said it will have the capacity for an additional $1.1 million in revenue monthly, assuming a base market price of $45,000 per bitcoin.

OLB expects to use DMint mining operations to power expanded crypto commerce services including financing, lending, and fundraising for small and medium-sized businesses.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

October 19, 2021 09:55 ET (13:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.