MGT Capital Investments, the John McAfee-led investment firm that owns operates a bitcoin mining facility in Washington has begun “Phase Two” of its mining operations, which sees a goal to expand its processing power to more than five PetaHash this year.
New York-based MGT Capital has begun what it calls as “Phase Two” of its bitcoin mining operation in central Washington, a location chosen for its proximity to low-cost hydroelectric power. As the miner turns up the dial, it expects its processing power to exceed five PetaHash by the end of 2016.
In comments, CEO and executive Chairman John McAfee stated:
The cash flow opportunity in the Bitcoin market provides tremendous financial benefit to our operations and balance sheet.