As we are presently using only one-third of the available electrical load, the Company is exploring ways to grow its current operations. The entire facility, including the land, five 2500 KVA 3-phase transformers, the mining containers and the miners, are owned by MGT. Phase I of the LaFayette site is structurally complete and awaiting final grading and landscaping. All miners were purchased from Bitmain and possess enough computational power to mine 38 Bitcoin per month at the current Difficulty Rate.* The total electrical load at this production level is estimated at slightly under 4.0 MW. MGTI started running in February after the Company announced it is operating 1,500 new generation Bitcoin miners collectively rated at approximately 80 Ph/s at its facility in LaFayette, Georgia. To Find out the inside Scoop on MGTI Subscribe to Right Now by entering your Email in the box below As the Company is presently using only one-third of the available electrical load, it is exploring ways to grow its current operations. As an early investor and design consultant, the Company receives a modest royalty participation in all sales of Pod5ive Containers. The Company’s miners are housed in five modified shipping containers including two manufactured by Bit5ive LLC of Miami, Florida (“Pod5ive Containers”). The total electrical load at this production level is estimated at slightly under 4.0 MW. The Company began Bitcoin mining at its LaFayette facility in late September 2019 on a trial basis, and on January 31, 2020, the Company announced it is operating 1,500 new generation Bitcoin miners collectively rated at approximately 80 Ph/s at its facility. Located adjacent to a utility substation, the several acre property has access to over 20 megawatts (MW) of low-cost power. Central to this strategy was the purchase of land in LaFayette, GA and the entry into a favorable contract for electricity there in the second quarter of 2019. McAfee has been very bullish on bitcoin stating “Bitcoin is the greatest and most disruptive technological advancement to come around in years.”….and could go to a million dollars.įollowing a review of its Bitcoin mining operations in early 2019, the Company determined to consolidate its activities in Company-owned and managed facilities. MGTI was the brainchild of security whizz John McAfee who has since left the Company of McAfee Antivirus who spent years in Belize than on the run and back in the US on top again. The Company owns 1,500 new generation Bitmain miners generating approximately 80 Ph/s of hashing power. (OTCMKTS: MGTI) bills itself as a U.S.- based Bitcoin miner with operations at an owned facility in Georgia. MGTI has transformed in recent months from illiquid to one of the top most traded stocks on the entire exchange attracting legions of shareholders who believe this one goes way higher. Microcapdaily has been covering MGTI for years noting in happier times: “MGTI” has seen a parabolic rise in recent months from well under $0.50 back in March of this year when Bitcoin was just $1000 to recent highs over $4 a share. (OTCMKTS: MGTI) is looking for reversal off new 52 week lows as bitcoin and cryptocurrency in general sells off even more than the overall markets.
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