MGT Capital Investments, Inc. (OTC: MGTI) announced today an agreement with Bit5ive LLC to purchase up to 60 graphics processor-based mining computers. These machines will utilize the highest quality GPU cards and Intel CPU’s with a design to divide the hash rate between Ethereum (ETH) and Ethereum Classic (ETC).
The utility of smart contract technology from the Ethereum blockchain has gained the interest of many on and off Wall Street in recent months.
For example, back in April, Grayscale investments, led by Barry Silbert, launched the Ethereum Classic Trust investment fund with Bloomberg adding Grayscale’s Ethereum Classic ticker symbol and investment thesis to its research base. There was also the formation of the Enterprise Ethereum Alliance comprised of many of the world’s leading technology companies. The goal of the collaboration is to advance Ethereum technology leading to new and exciting applications and verticals. All of this will require more robust mining power in order to execute transactions.
John McAfee, MGT’s Executive Chairman, stated:
“We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blockchains. The addition of Ethereum and Ethereum Classic to our crypto mining strategies is expected to be very profitable for us.”