NYSE listed company successfully launches bitcoin mining operations

posted about 6 years ago
MGT Capital Investments today reported that its previously announced large scale Bitcoin mining operation has reached full phase one production output with a larger than expected 2.6 PetaHash of processing power.

At the present difficulty level, the facility is mining over 90 Bitcoin per month with a value of $55,000. The company is already preparing modifications to expand its processing power to approximately 5.2 PetaHash by the end of the fourth quarter of 2016. The Company's current goal for this facility is to increase the processing capacity to nearly over 10 PetaHash.

With its processing power already in place, MGT is one of the top five Bitcoin mining operations in the U.S. MGT's facility has contracted low cost hydro power and hosting services in central Washington state.

The size and power efficiency of the facility has allowed MGT to emerge as a domestic leader. The current pricing environment of bitcoin and other digital assets coupled with the availability of 16 nanometer ASIC chips provides a significant opportunity to generate excellent profit margins.
Tags: news, bitcoin