HARRISON, N.Y., Oct. 3, 2016 /PRNewswire/ -- MGT Capital
Investments, Inc. (NYSE MKT: MGT), updated shareholders today on
its wholly-owned large scale Bitcoin mining operation in central
Washington state. After the first
full month of operations, the Company is pleased to have delivered
on the metrics it outlined on September 13,
2016. Specifically, the Company has mined over 90 Bitcoins,
presently valued at approximately $611 each. Also, MGT has begun to implement Phase
Two of its Bitcoin mining operations scheduled to expand its
processing power to more than five PetaHash by the end of the
fourth quarter of 2016.
The Company has successfully executed on its strategy to
maximize profits from mining operations by capitalizing on low cost
hydroelectricity and using proprietary software to optimize and
manage the performance of its machines. In addition, MGT is
utilizing state-of-the-art 16 nanometer ASIC chips and highly
efficient power supplies, further reducing the power requirements
of mining operations.
"I wish to thank our shareholders for the positive feedback we
have received since completing the first phase of our Bitcoin
project. Our machines have been working flawlessly at full
potential with a very high level of efficiency. We are excited and
ready for the expansion of this activity as we implement the second
planned phase," stated Robert
Collazo, Director of Operations for MGT's Bitcoin mining
operations.
John McAfee, Executive Chairman
of MGT, commented, "The cash flow opportunity in the Bitcoin market
provides tremendous financial benefit to our operations and balance
sheet. At our current output, we believe MGT is one of the top five
Bitcoin miners in the U.S., and we believe our first quarter 2017
goal of 10 PetaHash for this facility would place MGT in a
leadership position in the global Bitcoin network. Moreover, I
cannot emphasize enough how an operation of this scale provides us
with a key competitive advantage for developing security and
privacy applications and platforms using the Blockchain."
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
smartphones. 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
Grace Livingston
Director of Investor Relations
MGT Capital
glivingston@mgtci.com
205.999.2524
Media Contact
Tiffany
Madison
Director of Corporate Communications
MGT Capital Investments, Inc.
tmadison@mgtci.com
469.236.9569
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SOURCE MGT Capital Investments, Inc.