HARRISON, N.Y., June 30, 2016 /PRNewswire/ -- MGT Capital
Investments, Inc. (NYSE MKT: MGT) disclosed today the details of
the initial phase of a large scale Bitcoin mining operation
designed to position the Company as a leader in Blockchain
technologies.
The Company has secured a location with contracted low cost
hydro power in central Washington
state to launch a facility generating over two PetaHash in
processing power. This facility is expected to be fully operational
by August 1, 2016, and has expansion
capacity to nearly 10 PetaHash. The size and power efficiency of
the facility will allow MGT to emerge as a domestic leader in
crypto currency mining at an opportune time. The current pricing
environment of bitcoin and other digital assets coupled with the
release of new 16 nanometer ASIC chips provides a significant
opportunity to generate excellent profit margins.
Recently, the Company 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.
The Company has named Robert
Collazo to lead this venture. Mr. Collazo has proven skills
in maximizing profit margins, having led several successful build
outs in various locations since the inception of Bitcoin.
This significant commitment to an in-house mining facility also
prepares MGT for the increased processing demands of the many new
Blockchain technologies on the horizon. As the demand for
transaction processing grows, the Company can redirect its mining
machines towards supporting other tasks on the Blockchain.
John McAfee, MGT's proposed
Executive Chairman and Chief Executive Officer, stated, "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. Further, we pleased that Robert has agreed to join us
and use his expertise to grow the project."
About MGT Capital Investments, Inc.
MGT Capital
Investments, Inc. (NYSE MKT: MGT) is in the process of acquiring a
diverse portfolio of cyber security technologies. With cyber
security industry pioneer, John
McAfee, at its helm, MGT Capital is positioned to address
various cyber threats through advanced protection technologies for
mobile and personal tech devices, including tablets and smart
phones. The Company is currently in the process of acquiring
D-Vasive, a provider of leading edge anti-spy software, and
Demonsaw, a provider of a secure and anonymous file sharing
software platform.
MGT Capital intends to change its corporate name to "John McAfee
Global Technologies, Inc." upon closing of the D-Vasive
transaction.
For more information on the Company, please visit
http://ir.stockpr.com/mgtci.
Forward–looking Statements
This press release contains
forward–looking statements. The words or phrases "would be," "will
allow," "intends to," "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," or
similar expressions are intended to identify "forward–looking
statements." MGT's financial and operational results reflected
above should not be construed by any means as representative of the
current or future value of its common stock. All information set
forth in this news release, except historical and factual
information, represents forward–looking statements. This includes
all statements about the Company's plans, beliefs, estimates and
expectations. These statements are based on current estimates and
projections, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These risks and uncertainties include
issues related to: rapidly changing technology and evolving
standards in the industries in which the Company and its
subsidiaries operate; the ability to obtain sufficient funding to
continue operations, maintain adequate cash flow, profitably
exploit new business, license and sign new agreements; the
unpredictable nature of consumer preferences; and other factors set
forth in the Company's most recently filed annual report and
registration statement. Readers are cautioned not to place undue
reliance on these forward–looking statements, which reflect
management's analysis only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward–looking
statements to reflect events or circumstances that arise after the
date hereof. Readers should carefully review the risks and
uncertainties described in other documents that the Company files
from time to time with the U.S. Securities and Exchange
Commission.
Investor Contact
Garth
Russell
Managing Director
KCSA Strategic Communications
grussell@kcsa.com
212.896.1250
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SOURCE MGT Capital Investments, Inc.