Yes, they are all on board. We also selected a new merchant acquiring bank to process the transactions and we anticipate a full transition — to that bank before the end of Q3.
Yes, we believe that will likely be the case
Yes, we are still seeing this growth trend. It just takes us longer to underwrite a CBD merchant that is dealing with more regulatory and compliance issues than a conventional Merchant.
Over 400 Antminer S19j PRO machines installed and mining Bitcoin.
We have mined 10 Bitcoins to date. As we continue to install more machines, this Bitcoin count rate will understandably increase.
We anticipate having all 1,000 Antminer machines mining Bitcoin by the end of Q2?
The remaining 350 machines out of the initial 1,000 machines (already paid for) are expected to be delivered within the next 2-3 months. We anticipate having all machines delivered up and running within
Although we are not going to disclose this confidential information, our energy costs are significantly below market through CAI Blockchain.
The 1000 machines can be powered with existing resources from CAI Blockchain Energy. As we expand to more machines, we are committed to obtaining favorable energy costs and maintaining our sustainable profile.
Yes, we expect to meet our goal of obtaining 24,000 machines by the end of 2023, subject to the challenges in the supply chain and the current machine costs.
Currently, we are holding our Bitcoins. However, we may choose to sell some or all of our coins to use the proceeds to minimize debt financing needs for future machine acquisitions.
Please look at our public filing
Once we have 1,000 machines deployed and installed, we anticipate a revenue run rate of approximately $1mm a month of additional revenue above and beyond our current eCommerce business using a minimum Bitcoin price of $45,000.
Yes, Crowd Ignition was a very important strategic acquisition for our path to move to financial and banking products by having a platform that is regulated under Reg CF and FINRA. Crowd Ignition will enable OLB Group to have the capabilities to offer smart contracts, as well offering debt finance and DeFi lending.
Safe Harbor Statement All statements from The OLB Group, Inc. in this FAQ that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, the CBD and related products marketplace, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
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