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By Jamie Redman
MGT Capital Investments (MGTI), the company led by the former anti-virus tycoon John McAfee, has revealed the firm’s bitcoin mining revenue. In a recent Securities and Exchange Commission (SEC) annual report filing, the company claims to be one of the largest mining operations in the U.S. According to the SEC documents the firm is mining 100 bitcoins per month alongside developing a mining pool called “Macpool.”
Also read: Bitcoin Proponents Are Laser Focused on One Particular Mining Pool
John McAfee, CEO and Executive Chairman of MGTI.
The company MGTI is well known for being owned by the staunch libertarian software entrepreneur John McAfee. Over the past year, the company has announced several strategic moves within the online security and cryptocurrency ecosystem. MGTI aims to acquire a vast portfolio of cyber technologies, and part of the plan is bitcoin mining. Last October MGTI announced a letter of intent in collaboration with the Chinese company Bitmain, as the two firms plan to bring more mining facilities to the U.S.
“Our partnership with an iconic name such as Bitmain Technologies is a major milestone for MGTI as it executes a plan to become the major player in bitcoin throughout the western hemisphere,” McAfee said at the time.
Now according to documents submitted to SEC the company says it is one of the largest mining facilities in the U.S. taking in 100 BTC per month.
“As part of its corporate efforts in secure technologies, MGTI is growing its capacity in mining bitcoin,” explains the company’s annual report to SEC. “The Company’s facility in WA state produces about 100 Bitcoins per month, ranking it as one of the largest U.S. based bitcoin miners. Further, MGT is in active discussions with potential financial partners to grow bitcoin output materially.”
The recent SEC report filing follows MGTI’s latest bitcoin mining pool announcement which will be dubbed Macpool. The pool is scheduled to be available to the public sometime in the second quarter of 2017 says the investment firm. Macpool will give investors a chance to get involved in the mining environment, explains McAfee.
“Our mining pool is a natural outgrowth of our investment in blockchain technology as a foundation for future cyber security products,” explains John McAfee, CEO and Executive Chairman of MGTI.
Large and respected bitcoin mining operators will rapidly take over the enormous transaction processing requirements necessary for all companies to secure themselves in the near future. As a publicly-traded company, MGTI leverages our unique opportunity to provide investors with a suitable proxy to participate in the profitable bitcoin mining space.
The SEC filing also details the company’s investments in the gaming sector and smartphone applications. Additionally, the report reveals the firm’s development of “MGT Sentinel,” an intrusion monitoring platform created to protect corporate intranets from malicious hacking. Furthermore, MGTI’s annual filing details the company purchased over 400 mining devices from Bitmain Tech last year for its U.S. operation.
The filing with SEC is hundreds of pages detailing MGTI’s revenue for last year, patent holdings, property and device ownership and much more. MGTI’s particular focus in joining the bitcoin mining industry is aimed at making blockchain secure, as the company’s number one goal is security. Since earning its first bitcoins in September of 2016 the MGTI mining operation’s hashrate has grown to roughly 5.0 PH/s.
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