OLB Group Opens Major Crypto Mining Enterprise in Pennsylvania | Live Bitcoin News

Fintech
merchant
services
provider
and
crypto
mining
firm
The
OLB
Group,
Inc.

has
signed
a
long-term

lease
on
a
10,000
square
foot
warehouse
in
Bradford,
Pennsylvania.
The
building
can
store
as
many
as
2,000
Antminer
machines
and
is
situated
in
an
industrial
park
near
the
city’s
regional
airport
as
a
means
of
limiting
the
noise
the
machines
produce
and
affecting
nearby
residents.

The
OLB
Group
is
Bringing
Crypto
Closer
to
Home

The
facility
will
be
fully
powered
by
natural
gas.
OLB
has
also
said
it
will
be
utilizing
debt
financing
as
a
means
of
getting
the
funds
it
needs
to
purchase
additional
machines
down
the
line.
In
a
statement,
OLB
explained:

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.

The
news
comes
following
a
year
of
relative
shakiness
for
those
involved
in
the
crypto
mining
sector.
Bitcoin
and
crypto
mining
have
taken
a
lot
of
flak
over
the
past
12
months
from
high-end
industry
experts
such
as
Elon
Musk,
who

initially
decided
that
all

Tesla
vehicles
could
potentially
be
purchased
with
bitcoin.
However,
he
later
rescinded
this
decision,

claiming
that
miners

were
not
using
the
energy
available
to
them
well,
nor
have
they
worked
to
control
their
emissions.

Kevin
O’Leary
of
“Shark
Tank”
fame

has
also
rung
in
,
stating
that
he
wouldn’t
be
buying
any
more
crypto
mined
in
China
given
that
the
nation
did
not
invoke
environmentally
friendly
extraction
processes.
Many
environmentalists
are
concerned
about
the
potential
damage
that
bitcoin
mining
can
do
to
the
planet,
though
it
seems
like
the
practice
is
going
to
live
on
for
some
time
given
that
there
is
still
quite
a
bit
of
revenue
to
be
enjoyed.

Growing
Its
Practice
and
Breadth

OLB
works
to
deliver
cloud-based
merchant
services
to
provide
an
array
of
comprehensive
digital
commerce
solutions
to
more
than
10,000
tech
clients
in
all
50
states.
The
firm
utilizes
the
services
of
DMint

a
subsidiary
of
OLB
Group

to
mine
bitcoin
using
natural
gas
and
other
sustainable
energy.
The
firm
is
looking
to
deploy
as
many
as
1,000
ASIC
mining
computers
by
the
end
of
the
year.

There
are
more
opportunities
for
crypto
miners
in
the
U.S.
and
elsewhere
since
the
summer
of
2021,
when
China

which
housed
approximately
65
to
75
percent
of
the
world’s
mining
projects

decided
the

practice
was
suddenly
illegal
.

Tags:
,
,

Read original at