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MGT Capital Reports Third Quarter Statement of Operations
MGT Capital Reports Third Quarter Statement of Operations.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Reports Third Quarter Statement of 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 Reports Third Quarter Statement of Operations\nPR Newswire\nDURHAM, N.C., Nov. 9, 2017\n\n\n\nDURHAM, N.C., Nov. 9, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) today filed its Form 10-Q quarterly report with the Securities and Exchange Commission for the period ended September 30, 2017. The complete filing can be accessed via the Company's website or at www.sec.gov.\n\nThe Company demonstrated consistent progress in several metrics:\n\n\nRevenues from Bitcoin mining were $515,000, up 33% sequentially over the second quarter of this year.\nIn preparation for delivery of ordered mining rigs, the Company has prepaid electric and hardware costs, raising its total assets to over $5.0 million, and its net book value to $3.5 million, up $3.0 million over the equivalent figures as of June 30, 2017.\nOverhead costs, excluding non-cash expenses, were flat year over year and sequentially.\n\"As with any periodic filing, quarter-end numbers are already stale,\" stated Robert Ladd, President and CEO of MGT. \"Stockholders need to know where we stand today, and I am very happy to share that information. October revenues came in at approximately $400,000 with 865 mining rigs in operation. While power availability (in large part caused by unprecedented demand from the emergent Ethereum market) has delayed our deployment, we have sourced sufficient power to accommodate the 170 rigs not yet deployed, as well as the 3,650 rigs to be delivered over the next several weeks,\" continued Mr. Ladd.  \n\nWith no further funding requirements, MGT remains confident in its previous projections from October 16, 2017 that with 4,700 rigs in operation by the first quarter 2018, generating over 60 Ph/s of potential hash power, the Company can record over $2.0 million in monthly revenue and $1.1 million of EBITDA.  Moreover, the Company expects to materially ramp up the number of rigs it owns and operates during 2018.\n\nAbout MGT Capital Investments...