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The OLB Group, Inc (NASDAQ: OLB) said Tuesday that its wholly owned subsidiary DMint, Inc has begun mining Bitcoin (CRYPTO: BTC) with 100 cryptocurrency mining computers.
What Happened: DMint will use Antminer S19j Pro computers for the purposes of mining the apex cryptocurrency, according to the announcement.
“We are confident that we will have 1,000 Antminer S19j Pro miners operating by the end of this year,” Ronny Yakov, chairman and CEO of the New York-based OLB Group, said in a statement.
“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.”
The company’s long-term goal is to expand to 24,000 computers by the fall of 2023, Yakov said.
BTC has soared 110.49% since the year began. The cryptocurrency was up 2.14% over 24 hours at $62,216 Tuesday morning.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Apart from cryptocurrency mining, OLB is also engaged in crypto commerce, e-commerce, back office and kitchen operations in addition to mobile, online and in-store payments.
The United States has emerged as the new epicenter of cryptocurrency mining as per a recent Bloomberg report after China forced miners to halt operations.
Mining companies such as Riot Blockchain, Inc (NASDAQ: RIOT) and Hive Blockchain Technologies Ltd (NASDAQ: HIVE) have reported a hike in revenues among growth in popularity of cryptocurrencies.
OLB Price Action: On Monday, OLB Group shares closed nearly 2.2% higher at $5.18.
Read Next: Can You Mine Bitcoin With A Game Boy? This Guy Gave It A Go
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