MGT Capital (MGTI) Announces Completion of Bitcoin Phase Two Ahead of Schedule

November 10, 2016 3:01 PM EST

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MGT Capital Investments, Inc. (OTC: MGTI), updated shareholders on the successful completion of the second phase of its Bitcoin operation in central Washington state. The Company is pleased to have delivered the Phase Two metrics ahead of schedule, and has expanded the processing power of its Bitcoin operations to over five PetaHash, firmly placing MGT as a leader in the U.S. Bitcoin mining network. Since launching just two months ago, the Company has mined over 170 Bitcoins, which are presently valued at over $700 each.

"I want to thank our team on the ground in Washington State for their hard work and diligence in completing phase two ahead of schedule. The facility has maintained as high a level of performance and uptimes as I have encountered in my career. I am looking forward to our expansion and continued growth," said Robert Collazo, Director of Operations for MGT's Bitcoin mining operations.

John McAfee, Executive Chairman of MGT, concluded, "As we grow our Bitcoin footprint here, our expertise becomes an increasingly valuable resource as we enter into our upcoming joint venture with Bitmain Technologies of China, the preeminent worldwide leader in bitcoin hardware manufacturing and sales."

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