OLB Stock: Why It Increased Today

By Amit Chowdhry ● September 14, 2021
  • The stock price of OLB Group Inc (NASDAQ: OLB) increased over 4% pre-market today. This is why it happened.

The stock price of OLB Group Inc (NASDAQ: OLB) – a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants – increased over 4% pre-market today. Investors are responding positively to The OLB Group announcing that DMint, a wholly-owned subsidiary of OLB (DMint), is deploying its first lot of some one-hundred cryptocurrency mining computers for operation at its newly acquired data centers. And the Antminer S19j Pro is specifically configured to mine Bitcoin and is planned to be up and running by the end of September.

DMint secured the natural gas mineral rights necessary to power its current and foreseeable energy needs for mining operations. And the company plans to build out capacity to achieve 500 petahash per second while operating 24,000 miners over the next 24 months.

OLB offers omnicommerce business and commerce services to merchants including leading-edge crypto commerce capabilities, eCommerce, back office and kitchen operations, and payment acceptance online, in store, and on mobile devices. And merchants utilizing OLB’s OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB is expecting to utilize the DMint mining operations to power expanded crypto commerce services as well as financing, lending, and fundraising designed for smaller businesses.

KEY QUOTE:

“Putting these new mining computers to work is the first step in building out our cryptocurrency mining operations that are expected to grow to serve some one thousand miners by the end of the year. We recognize the high energy requirements and potential environmental impact of cryptocurrency mining, and DMint’s business plan includes our commitment to utilize green energy sources.”

— Ronny Yakov, OLB Chief Executive Officer

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.