MGT Capital Investments, a New York-based investment firm led by John McAfee that recently began a bitcoin mining operation in Washington has announced a full capacity production output of 2.6 PetaHash during the first phase of its operation.
MGT Capital revealed the completion of the first phase of its operations at its bitcoin mining facility in Washington.
Announced in early July 2016, the mining facility was established near a low-cost hydropower station and was expected to generate over 2 PetaHash in processing power soon after operations began on August 1, 2016. That number has been surpassed, with the mining establishment churning 2.6 PetaHash in the 45 days since launch.
The investment firm stated:
At present difficulty level, the facility is mining over 90 Bitcoin per month with a value of $55,000.
MGT Capital has acquired 16 nanometer ASIC chips for its operation which when coupled with the current price of bitcoin, it says, is helping generate “excellent profit margins”.
Furthermore, MGT claims to be among the top five mining operations in the United States with its current processing power of 2.6 PetaHash. Prior to launch, the facility was touted to scale and expand to generate upto10 PetaHash, which remains the ultimate goal for the operation. For now, the next phase of its expansion eyes a goal of 5 PetaHash that MGT aims to achieve by the end of 2016.
Beyond claims of its expansion and processing turnover, MGT quickly garnered attention following launch of the mining operation by appointing two prominent figures from the Bitcoin space in Erik Voorhees and Roger Ver. Just under a month ago, Vorhees joined MGT in an advisory role while Ver got on board as the Advisory Board Chairman.
While MGT Capital is positioning itself as a firm with a portfolio centric to cybersecurity, its most notable venture so far is, arguably, its Washington-based bitcoin mining operation. In its most recent announcement, MGT Capital also revealed that it’s still intent on renaming itself to “John McAfee Global Technologies, Inc.,” after its CEO and Chairman John McAfee.
Meanwhile, it remains to be seen if the mining operation stands to be impacted by increased power tariffs in the state of Washington. A new electricity tariff was approved by the Public Utility District (PUD) in Chelan County which is located in north-central Washington. The increased tariff specifically applies to operations with a tall appetite for energy. Such as “power farms and similar technology operations including bitcoin mining,” the announcement read.
If electricity costs run rampant near MGT’s undisclosed mining farm, Tibet could be a feasible spot for a mining operation.
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Last modified: May 21, 2020 10:16 AM UTC