MGT Capital Investments to launch in-house multi-PetaHash Bitcoin mining facility in August 2016

MGT Capital Investments to launch in-house multi-PetaHash Bitcoin mining facility in August 2016

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MGT Capital Investments Inc., a company engaged in the business of gaming and intellectual property, is undertaking actions to become a leader in Blockchain technologies as it is starting a large-scale Bitcoin mining project, the company said last week. The company intends to launch a facility with a processing power of over two PetaHash and capacity of nearly 10 PetaHash.

The company has already secured a location for the purpose with low-cost hydro power in Washington state, US. The facility is expected to launch operations by 1 August, 2016.

MTG Capital Invest sees itself emerging as a domestic leader in cryptocurrency mining. The company has successfully tested a smaller-scale operation with 100 TeraHash, which has allowed it to gain experience in the Bitcoin mining and optimize the process, the company said in a statement. According to the company, the market conditions, increasing demand for Bitcoin technology,  make for a perfect timing for engaging in such an initiative. Moreover, the company can utilize its in-house Blockchain technology for other tasks, as well.

“In order to meet the processing demand for our future cyber security products that are Blockchain based, MGT will need a large number of ASIC computers. Our announced strategy is particularly cost effective, as mining computers are perfectly suited for this task and can earn a great ROI [return on investment] until we utilize the processing power of these super-fast machines to support the future revenue streams of our products,” said John McAfee, renown computer programmer and businessman who is to assume the role of MGT’s executive chairman and CEO. “Further, we pleased that Robert has agreed to join us and use his expertise to grow the project,” he added.

The company has appointed Robert Collazo ahead of the Bitcoin mining project.

New York-based MGT Capital Investments is in the process of being renamed John McAfee Global Technologies Inc. and acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. John McAffe is to take over as chairman and CEO of the company.

Source: MGT Capital Investments

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1 Comment

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