Business
MGT Capital Ends Relationship with John McAfee
MGT Capital Ends Relationship with John McAfee.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Ends Relationship with John McAfee\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 Ends Relationship with John McAfee\nCompany Will Explore Alternatives for its Cybersecurity Unit and be Pure Play Cryptocurrency Miner\nPR Newswire\nDURHAM, N.C., Jan. 26, 2018\n\n\n\nDURHAM, N.C., Jan. 26, 2018 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) today announced the end of its business relationship with legendary cybersecurity pioneer John McAfee. Since August 2017, Mr. McAfee had served as Chief Cybersecurity Visionary of the Company, guiding the development of the Company's cybersecurity business, including Sentinel, an enterprise class network intrusion detector released in October 2017 and the previously announced privacy phone. MGT's board will consider various options for its cybersecurity business, including a sale or spinoff.\n\nThis move will position MGT as a pure play cryptocurrency mining operation, led by Stephen Schaeffer, President of MGT Cryptocurrency Strategies. The Company currently owns or operates approximately 5,000 Bitmain Antminer S9 Bitcoin mining rigs and 50 GPU-based Ethereum miners, capable of generating over 65 Ph/s of computing power when fully deployed by the end of February. Moreover, MGT is in negotiations that would triple its mining power over the next several months. From a financial standpoint, the Company has never been stronger, ending last year with $9.5 million of cash, no debt and minimal payables.\n\nMr. McAfee summarized today's actions by stating, \"I would like to thank Steve, Rob Ladd and the entire board for giving me the opportunity to return to corporate life, but I am very happy with my decision. I am looking forward to toiling in obscurity as the world's foremost authority of all things cyber and crypto!  In all candor, the past two years have been action-packed and productive, and I want to thank all shareholders for their support. I leave MGT in much stronger condition than when I arrived and remain a major stakeholder.\"\n\nAbout MGT Capital Investments, Inc.\n\nWith fa...