The OLB Group Establishes Second Mining Facility In Pennsylvania’s Industrial Park

• The OLB group has rented a warehouse to set up a second facility for cryptocurrency mining which has the capacity to store about 2,000 Antminer machines.

• The second facility’s location has been picked specifically to reduce the noise of machines and avoid disturbing any residents. The facility is in an industrial park near the regional airport of Bradford, Pennsylvania.

• The OLB will use DMint services to mine Bitcoin via sustainable energy use such as natural gas and aims to deploy 1,000 ASIC mining computers by the end of 2022.

The OLB Group is a cryptocurrency mining organization and a fintech merchant service provider that signed an abiding leasehold on a 10,000 square foot warehouse in Bradford, Pennsylvania. The building can store 2,000 Antminer machines and is located close to the city’s regional airport in an industrial park. The location is chosen to minimize the noise produced by machines and not affect any residents. The facility is set to be powered by natural gas entirely.

OLB explained that it would use debt financing to acquire funds it would require to buy more machines along the line. OLB said that they are glad to take another step by setting up a foundation for the development of their mining operations. They claimed that the first facility, located in Bradford, is working on natural gas, however, the second facility would be powered by the power grid. Introducing this combined power solution would help them set up a foundation for making Bitcoin mining operations more sustainable and cost-effective.

– Advertisement –

Having a place to install 2,000 Bitcoin mining machines in their second facility, the data center would be able to stand on their expectations of reducing carbon footprint to minimal and working on the profitable, cost-effective operation.

ALSO READ – REVOLUT TO EXPAND PROSPECTS IN SPAIN WITH ITS NEW BANKING SYSTEM

Cryptocurrency Mining Has Been Through A Lot

Cryptocurrency mining, Bitcoin mining specifically, has seen a lot of chaos over the past year, including incidents like Elon Musk revoking the decision of allowing Tesla vehicles to be purchased by Bitcoin, claiming that miners aren’t using available energy and they haven’t worked on reducing their emissions. The Shark, Kevin O’Leary from Shark Tank also announced something similar. He said that he would not purchase cryptocurrencies anymore, which are mined in China, because the region has not cited environmentally friendly extraction processes yet. 

Other than these, a lot of environmentalists are worried about the damage that Bitcoin mining does to the planet. Despite the fact that mining has been going on around for a while now, there is still a lot left for mining and enjoying rewards.

How OLB Mines Bitcoin?

OLB is an entity that works to offer cloud-based merchant services for providing a variety of solutions for e-commerce to its 10,000 tech clients spread around 50 states. The organization uses services from DMint to mine Bitcoin by sustainable energy such as natural gas. It aims to deploy about 1,000 ASIC (Application-Specific Integrated Circuit) mining machines by the end of 2022.

Since the summer of 2021, numerous opportunities for crypto mining have emerged in the United States and other locations. This was a result of China declaring the mining activity as illegal. However, before this declaration, China accounted for about 70% of mining projects worldwide.