MGT Capital provides update on Bitcoin mining operations
MGT Capital updated shareholders 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. 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.