MGT Capital to launch 2 PH/s bitcoin mining facility

MGT Capital Investments announced it has secured a location in central Washington to launch a bitcoin mining operation.

The company is set to launch a facility which will generate over two PetaHash in processing power and has an expansion capacity up to nearly 10 PetaHash. MGT noted that the current pricing environment of bitcoin and other digital assets, along with the release of new 16 nanometer ASIC chips offers a significant opportunity to generate exceptional profit margins.

Recently, the MGT Capital has been testing a smaller scale (100 TeraHash) operation with positive results. The testing has allowed MGT to optimize its production software as well as provide experience to its team in building out and managing a profitable mining center.

“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 until we utilize the processing power of these super-fast machines to support the future revenue streams of our products,” said John McAfee, MGT’s proposed Executive Chairman and Chief Executive Officer.