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OLB Group Opens Major Crypto Mining Enterprise in Pennsylvania

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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 stockpile as many as 2000 woodworking machines and is located in an industrial park close to the city's regional airport as a means of limiting the noise produced by machinery and affecting nearby residents.

The Online Banking Group reconciles the cryptography of the house.

The facility will be entirely fueled with natural gas. Olb also said it will use debt financing as a way to get the funds it needs to purchase additional machinery in the future. An OLB statement 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 after a year of relative instability for people involved in the crypto mining industry. 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 however, he later rescinded this decision, claiming that miners were not using the energy available to them well, nor have they worked to control their emissions.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. Numerous environmentalists are concerned about the potential harm that bitcoin mining can do to the planet, although it seems that the practice will continue to live for some time as there is still some income to enjoy.

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 company uses the services of dmint – a subsidiary of olb group – to exploit Bitcoin using natural gas and other sustainable energy. The company plans to deploy as many as 1,000 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.

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 1/15/2022

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