MGT Capital (MGT) Reports Mining 90+ Bitcoins After First Month of Operations
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MGT Capital Investments, Inc. (NYSE: MGT), updated shareholders on its wholly-owned large scale Bitcoin mining operation in central Washington state. After the first full month of operations, the Company is pleased to have delivered on the metrics it outlined on September 13, 2016. Specifically, the Company has mined over 90 Bitcoins, presently valued at approximately $611 each. Also, MGT has begun to implement Phase Two of its Bitcoin mining operations scheduled to expand its processing power to more than five PetaHash by the end of the fourth quarter of 2016.
The Company has successfully executed on its strategy to maximize profits from mining operations by capitalizing on low cost hydroelectricity and using proprietary software to optimize and manage the performance of its machines. In addition, MGT is utilizing state-of-the-art 16 nanometer ASIC chips and highly efficient power supplies, further reducing the power requirements of mining operations.
"I wish to thank our shareholders for the positive feedback we have received since completing the first phase of our Bitcoin project. Our machines have been working flawlessly at full potential with a very high level of efficiency. We are excited and ready for the expansion of this activity as we implement the second planned phase," stated Robert Collazo, Director of Operations for MGT's Bitcoin mining operations.
John McAfee, Executive Chairman of MGT, commented, "The cash flow opportunity in the Bitcoin market provides tremendous financial benefit to our operations and balance sheet. At our current output, we believe MGT is one of the top five Bitcoin miners in the U.S., and we believe our first quarter 2017 goal of 10 PetaHash for this facility would place MGT in a leadership position in the global Bitcoin network. Moreover, I cannot emphasize enough how an operation of this scale provides us with a key competitive advantage for developing security and privacy applications and platforms using the Blockchain."
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