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MGT Capital Announces Additional Purchase of 500 Bitcoin Mining Rigs
MGT Capital Announces Additional Purchase of 500 Bitcoin Mining Rigs.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Announces Additional Purchase of 500 Bitcoin Mining Rigs\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMGT Capital Announces Additional Purchase of 500 Bitcoin Mining Rigs\nUpon full deployment, MGT Mining Computers Estimated to Produce Monthly Revenue of $1.4 Million and Monthly EBITDA of $1.0 Million by yearend 2017\nPR Newswire\nDURHAM, N.C., Sept. 1, 2017\n\n\n\nDURHAM, N.C., Sept. 1, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) announced today that it has increased its purchase order with Bitmain Technologies for an additional 500 S9 Antminer Mining rigs, with shipment expected in mid fourth quarter 2017.\n\nFollowing shipment and setup, and in conjunction with the Company's current rigs in operation, MGT's Bitcoin mining operations are expected to generate approximate $1.4 million in monthly revenue, assuming current pricing and difficulty rates. Factoring in electricity, hosting and other direct operating costs, EBITDA from the Company's Bitcoin mining operations is projected at $1.0 million per month, prior to amortization of notes payable.\n\nFunds for the larger order were provided in part through the exercise of an option today by an existing institutional investor to purchase a $500,000 MGT Convertible Note. Stephen Schaeffer, President of MGT Crypto-Capital Strategies, stated, \"We appreciate the confidence of a well-informed investor to provide us with capital to more quickly roll out our expansion. Furthermore, we look forward to updating the investment community and shareholders with further progress.\"\n\nAbout MGT Capital Investments, Inc.\n\nWith facilities in WA state, MGT Capital Investments, Inc. (OTC: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. \n\nThe Company is also developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. ...