Benzinga | Jan 11, 2022 07:46AM EST

OLB Group Inc. Signs Long Term Lease For 10,000 Square Foot Cryptocurrency Mining Facility In Bradford, PA

DMint, a Wholly Owned Subsidiary Dedicated to Cryptocurrency Mining, Building Out Second Data Center Facility to be Powered from the Local Power Grid

The OLB Group, Inc. ("OLB," "we," "us," "our," or the "Company"), a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise, has announced the company has signed a long term lease on a 10,000 square foot mining operation with capacity for up to 2,000 Antminer S19j PRO machines. Located in an industrial park adjacent to the Bradford Regional Airport in Bradford, Pennsylvania to eliminate potential noise complaints, the facility is in the process of being converted into a cryptocurrency mining data center powered on the local power grid in tandem with natural gas power.

The Company anticipates utilizing debt financing for the capital investment necessary for additional crypto mining machines.

"We are very pleased to be taking this next step in building the foundation for our planned aggressive development of our Bitcoin mining operation. Our first facility in Bradford is currently operating on natural gas. This second facility will be powered from the power grid. This blended power solution lays the foundation to establishing a sustainable, cost-efficient Bitcoin mining operation."

"With room to install up to 2,000 Bitcoin mining machines in this second facility, this data center will eventually meet the challenge of minimizing our carbon footprint and operating a cost efficient and profitable operation."