MGT Capital Investment Inc., headed by cybersecurity pioneer John McAfee, recently announced the launch of its Bitcoin mining operation, stating that it has reached phase one with a larger than expected 2.6 PetaHash of processing power. At present, the facility is mining 90 bitcoin per month and is preparing to expand the processing power to 5.2 Petahash by the end of this year.
By securing low cost electricity contracts via hydroelectric power, MGT Capital’s venture is one of the top five Bitcoin mining operations in the US. The press release states that mining profitability is healthy with the current price conditions and the availability of 16 nanometer ASIC chips.
Prior to the announcement, MGT Capital tested the operation on a smaller scale of 100 TeraHash, providing valuable experience for the team in managing a mining center.