The OLB Group (NASDAQ:OLB) stock is running higher Tuesday after announcing the launch of Bitcoin (CCC:BTC-USD) mining operations at one of its subsidiaries.
DMint is the subsidiary behind the rise of OLB stock today. It now has 100 Antminer S19j Pro cryptocurrency mining computers running. The company notes it plans to have this number up to 1,000 by the end of the year and 24,000 in the next 24 months.
The OLB Group notes that the Bitcoin mining is taking place at its zero-carbon data center in Bradford, Penn. It expects to generate an additional $1.1 million in revenue per month with 1,000 of the miners running.
Ronny Yakov, chairman and CEO of The OLB Group, said this about the news sending the company’s stock higher today.
“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. Although this is a major milestone, we remain focused on our long-term goal of expanding to 24,000 computers by the Fall of 2023.”
OLB stock is seeing heavy trading today with its BTC mining news. As of this writing, more than 14 million shares of the stock have been traded. That’s an impressive leap over its daily average trading volume of about 625,000 shares.
OLB stock was up 5.8% as of Tuesday afternoon.
Investors looking for more stock market news will want to stick around!
We’ve got all the latest happenings across the market today. Among that is quite a bit of news concerning Bitcoin ETFs and filings with the SEC. You can get up to speed on that by checking out the links below!
More Stock Market News for Tuesday
- Grayscale Bitcoin Trust News: 9 Things to Know Following SEC Filing to Convert $GBTC to Bitcoin ETF
- BITO ETF Alert: 10 Things to Know as the First Bitcoin Futures ETF Starts Trading Today
- Bitcoin Price Predictions Blow: One Analyst Is Giving Up After Calling for BTC to Hit $600K
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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