MGT Capital Investments Inc. (OTCMKTS:MGTI) is the bitcoin company that just keeps popping back on our radar. MGTI was near a dollar at the start of 2017 and now has grown by over 300%. To add to this surge, MGTI has added a blockchain play into the mix by executing a purchase order with Bitmain Technologies for more 500 S9 mining rigs. This will give McAfee and company around 5,000 rigs.
MGTI saw a resurgence when bitcoin futures started trading in Chicago this week. The leadership at MGTI has seen their bet on cryptocurrency pay dividends – switching focus from cybersecurity – and now they are continuing to ramp up and strengthen their digital mining operations. “The effort required to reach our current level is not trivial. The ability to scale our operations requires coordinating the procurement of supply-constrained rigs, massive power requirements, substantial monitoring and controls, and the like. This success is far from a plug and play endeavor. We are very proud of the diligence of the entire MGT team,” said Mr. Stephen Schaeffer.
MGT Capital Investments Inc. (OTCMKTS:MGTI) is in the process of acquiring a diverse portfolio of cybersecurity technologies and ramping up its Bitcoin mining operations in the state of Washington.
In short, MGTI focuses on acquiring and developing a portfolio of cybersecurity technologies. It intends to address various cyber threats through protection technologies for mobile and personal tech devices, as well as corporate networks.
MGTI also engages in bitcoin mining operation and recently ramped up its Ethereum mining operations as well. MGT Capital Investments, Inc. was founded in 1979 and is headquartered in Durham, North Carolina.
According to MGTI: “With facilities in WA state, MGT Capital Investments, Inc. (MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. The Company is also developing a portfolio of cybersecurity technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company’s first product, Sentinel, an enterprise class network intrusion detector, is currently in beta testing, with commercial released anticipated by the end of September 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.”
In other news, MGTI has embarked on an expansion drive as it seeks to strengthen its bitcoin mining operations to take advantage of the hype around the cryptocurrency. Following recent shipment and set up of mining rigs, the company remains on track to generate $2 million in monthly revenue assuming continued growth in the price of bitcoin.
Find out when MGTI stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
MGTI continues a hash power expansion drive as it seeks to generate $2 million in monthly revenue assuming continued growth in the price of bitcoin. However, the company’s big plan is to expand its mining operations with 4,700 Bitman Technologies S9 Antimer rig. Such a feat could see the company generate annualized revenue of $25 million and EBITDA of $13 million.
MGT Capital Investments Inc. (OTCMKTS:MGTI) has a market cap of $186.97M with 48.56M shares outstanding. MGTI is charging straight ahead toward being the picks and shovels of the bitcoin boom. We will be writing updates as more information and updates are released. Sign-up for continuing coverage on shares of $MGTI stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $MGTI, either long or short, and we have not been compensated for this article.