OLB Shares Drop 5% as It Expects Delivery of Bitcoin Mining Machines

By Chris Wack

OLB Group Inc. shares were down 5% to $2.16 Thursday after the company said its DMint Inc. subsidiary expects to take delivery of the first of 400 additional Antminer S19j PRO Bitcoin mining machines this month.

The order, which brings its total mining machine count to 1,000, was paid for in advance in November, it said.

The company said it believes DMint will be able to generate about $1 million in increased monthly revenue, assuming an average Bitcoin price of $42,000, once all 1,000 of its mining machines are deployed and fully operating.

OLB said it expects to periodically order additional machines on an ongoing basis.

OLB stock hit its 52-week low of $2.05 on Monday.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

01-13-22 1322ET