Cloud-based omnicommerce and payment company OLB Group Inc (NASDAQ: OLB) has expanded its operations into the field of mining cryptocurrency with the launch of its newly formed subsidiary DMint.
What Happened: DMint plans to employ a cost-efficient and green business model by utilizing ASIC machines to mine cryptocurrency with underutilized energy in accordance with ESG standards.
Following its green approach to crypto mining, the company plans to bring around 1,000 cryptocurrency mining machines online this year which will utilize a zero carbon footprint operations plan at data centers in Pennsylvania.
OLB said that the number of cryptocurrency mining machines could expand to 24,000 over the course of the next two years.
Why It Matters: The company has entered an exclusive agreement to purchase all-natural gas yield from mines in Bradford, PA, through Cai Energy Blockchain. The terms of the agreement will reportedly enable DMint to become a vertically integrated crypto mining company.
Moreover, DMint estimates that the environmental impact of its mining operation will be close to zero as it intends to use natural gas taken directly from the wellheads to generate electricity.
Using a reference price of $38,000 per Bitcoin (CRYPTO: BTC), the company’s mining operation working at 100 petahash/second would yield around 10 BTC per month.
What Else: By the end of the next year, DMint plans to increase its processing power to 500 petahash/second.
“DMint is an integral part of OLB’s multi-stage strategy to empower our merchants with enhanced services, which today include access to capital and expanded crypto commerce services that help them compete and stand out in any market,” said Ronny Yakov, chief executive officer at the OLB Group in a press release.
“We believe that cryptocurrency will have a major impact in the payment industry and want to be at the forefront of the industry as it adopts acceptance of cryptocurrencies,” he added.