Saturday February 27, 2021
Bitcoin (BTC) $47,146.00   Ether (ETH) $1,471.18
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Bitcoin

MGT Capital announces major expansion of bitcoin mining

Published by CryptoNinjas.net
05/22/2017

John McAfee’s MGT Capital Investments, Inc. (OTC: MGTI) announced today that it has closed on financing to allow the company to materially ramp up its bitcoin mining operations. The financing consists of a $1.35 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor.

The note is self-amortizing with a maximum repayment of $90,000 per month. In conjunction with the note, the company also issued the investor 1.2 million warrants with an exercise price of $1.05 per MGTI share.

The proceeds of the financing, along with company cash reserves will allow MGT to purchase 1,000 Bitmain Antminer S9 computers and associated power supplies.

Following shipment and setup (expected by early July 2017), MGT will be operating a total of 1,400 S9’s with a total computing power of over 18 PH/s, generating an estimated 225 bitcoins per month with a value currently of over $450,000.

Factoring in electricity, hosting and other direct operating costs, EBITDA from the company’s bitcoin mining operations is projected at $300,000 per month, prior to note amortization.

John McAfee stated:

“Today’s announcement is transformational for MGT.  Not only does it vastly improve our financial profile, but it positions us as the only public company in the space at a time when Bitcoin has enormous momentum.”

9
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Mgt Capital Bitmain Bitcoin
Mining

Bitcoin miner MGT Capital orders 1,100 S17 miners from Bitmain

07/18/2019
MGT Capital collaborates with Bit5ive to produce 1-MW cryptocurrency mining pod
Mining

MGT Capital collaborates with Bit5ive to produce 1-MW cryptocurrency mining pod

08/14/2018
MGT Capital ends relationship with John McAfee
Executives and Advisers

MGT Capital ends relationship with John McAfee

01/27/2018
McAfee loads up on 2,000 more rigs for MGT’s Bitcoin mining center
Mining

McAfee loads up on 2,000 more rigs for MGT’s Bitcoin mining center

10/12/2017
GMO Internet Group to enter Bitcoin mining sector utilizing 7nm chips
Bitcoin

GMO Internet Group to enter Bitcoin mining sector utilizing 7nm chips

09/07/2017
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version