• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: SEC Wants Blood: Coinbase Sued 1 Day After Binance
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: SEC Wants Blood: Coinbase Sued 1 Day After Binance

MGT Announces Pilot to Mine Ether and Ether Classic

Antonio Madeira by Antonio Madeira
6 years ago
in Ethereum, Mining, News
0

MGT Capital Investments has recently announced a Pilot Program to mine Ether and Ether Classic which will see the company purchase up to 60 GPU-based mining rigs.


MGT to Mine Ether and Ether Classic

MGT Capital Investments has recently announced a pilot program to mine Ether, the underlying token in the Ethereum blockchain. Led by John McAfee, MGT Capital made its foray into cryptocurrency mining last year with the launch of a Bitcoin mining operation and now the company is looking to expand into Ethereum and Ethereum Classic.

Through an agreement with Bit5ive LLC, MGT Capital Investments will purchase up to 60 graphics processor-based mining computers which will use high-end graphic cards and CPUs to mine both Ethereum (ETH) and Ethereum Classic (ETC). John McAfee seems to be bullish about the revenue that both these cryptocurrencies can bring the company, stating:

MGT Capital Investments CEO John McAfee

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.

Cryptocurrency mining

MGT Capital Investment’s move to invest in Ethereum and Ethereum Classic mining isn’t exactly surprising, given that both cryptocurrencies have rallied to unprecedented heights in 2017. Ethereum has surged nearly 4000% since the beginning of the year, fueled by developments like the inception of the Enterprise Ethereum Alliance blockchain consortium.

Not only have the two closely-related platforms surged to their ATH in 2017, many other alternative cryptocurrencies like Litecoin, Ripple, Monero, NEM, and more, have done the same, propelling the global cryptocurrency market cap above the $100 billion mark.

Ethereum mining rig

Most altcoins are mined through the use of high-end graphic cards, a feature that seeks to stop centralization of mining around ASIC-powered mining farms, ensuring that anyone with an internet connection and a computer can still mine the coin at hand.

As these cryptocurrencies reach for the moon on the price charts, mining is becoming a widely popular activity, driving demand for high-end GPUs which are becoming harder to acquire, with stores running out all over the world. Graphics card manufacturers, AMD and nVidia have also seen their stock rally as a result of the mining frenzy.

MGT Capital Investments and Cryptocurrencies

Taking over as CEO at MGT Capital Investments last year and turning the video-game company into a cybersecurity firm, John McAfee turned to Bitcoin mining has a means of turning recent losses into profit, a bold move that so far seems to be paying off. Last year, when Bitcoin was still below the $100 mark, McAfee stated:

The opportunity in the Bitcoin market is tremendous for MGT and is quickly providing a financial benefit for our shareholders.

MGT Capital Investments

Launched in 2016, MGT Capital Investments’ first large-scale Bitcoin mining operation started off with over 2.6 PetaHash of mining power, moving to the second phase two months after launch and expanding the operations to over five PetaHash, making MGT Capital Investments as a leader in the U.S. Bitcoin mining industry.

Earlier this year, MGT has also announced the upcoming launch of its Bitcoin Mining Pool which is scheduled for the second quarter of 2017. John McAfee has confirmed, however, that MGT Capital Investments will not be fully reliant on cryptocurrency earnings and that the company will also continue to focus on cybersecurity.

Will the latest move by MGT Capital Investments pay out? Will cryptocurrency mining continue to surge in popularity? Let us know what you think in the comment section.


Images courtesy of MGT Capital Investments, AdobeStock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Antonio Madeira

Antonio Madeira

Related Posts

Ethereum (ETH)

VanEck Says This Is When Ethereum (ETH) Will Reach $11,800

1 day ago
Ethereum

Ethereum Bearish Signal: Profit-Taking Transfers Spike

1 day ago
Ethereum

Bullish Signal? Ethereum Average Fees Declines 69% Since Early May

5 days ago
Ethereum Deribit

Ethereum Open Interest On Deribit At A 3-Year High

7 days ago
Ethereum (ETH)

Long Dormant $14.7 Million Ethereum ICO Wallet Surfaces After Eight-Year Slumber

1 week ago
Ethereum (ETH) Whales

Ethereum Whales On The Rise, Acquire Over $9 Billion ETH In 2023

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    5 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    5 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Double The Value of Your Crypto Portfolio This Summer...

    3 hours ago
  • AiDoge Presale Hits $12 Million, but Could Chancer Be the...

    4 hours ago
  • How Avorak AI and Ethereum Are Gaining a Foothold in Asian...

    5 hours ago
  • Look For Opportunities With Uwerx(WERX) Presale And...

    5 hours ago
  • PancakeSwap (CAKE) Gains, Sparklo (SPRK) To Enter Top 100...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.