Business
MGT Capital Provides Update of Cryptocurrency Operations
MGT Capital Provides Update of Cryptocurrency Operations.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Provides Update of Cryptocurrency Operations\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 Provides Update of Cryptocurrency Operations\nAnnounces Purchase of 500 Additional Bitmain S9 Antminer Rigs\nPR Newswire\nDURHAM, N.C., Dec. 6, 2017\n\n\n\nDURHAM, N.C., Dec. 6, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) announced today that it has executed a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rigs, with shipment expected early in the first quarter of 2018.\n\n\n \n \n\n \nFollowing shipment and setup, and in conjunction with the Company's current rigs in operation or in its possession, MGT's Bitcoin mining operations will be comprised of over 5,000 Bitmain S9's. These machines are expected to generate roughly 70 Ph/s of total hash power, and over $4.0 million in monthly revenue, assuming current Bitcoin pricing and Difficulty rates. Factoring in management fees, profit sharing, electricity, hosting and other direct operating costs, EBITDA from the Company's Bitcoin mining operations is projected at over $2.0 million per month.  The Company expects all rigs announced to date to be operating during the first quarter of 2018.  \n\n\"To meet the ongoing and projected ramp of our mining footprint, we are exploring cost-efficient locations for hosting and electricity on a global basis. In addition to the economics, we are focused on immediate availability of adequate power,\" stated Stephen Schaeffer, President of the Company's Crypto-Capital Strategies business unit.\n\nAbout MGT Capital Investments, Inc.\n\nWith facilities in WA state, MGT Capital Investments, Inc. (OTCQB: 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...