MGT Capital raises $ 2.4 million to expand mining operations

MGT Capital is a cyber security company that is also dedicated to mining Bitcoin and is well known for having John McAfee on its staff. The company has just recorded a new $ 2.4 million batch to expand its mining operations, which is a major development and confirmation that the company’s upbeat outlook on crypto-assets is on the rise. Right now the firm is involved in the mining of Bitcoin, Ethereum, and Ethereum Classic.

At present it is difficult not to show great levels of optimism for the state of the industry; That is to say, almost all the important crypto coins have experienced a price increase in 2017 and considering that we are close to the last quarter of the year, it is undeniable that the coming months will be very exciting.

In this way, the substantial entry of MGT Capital is the result of an operation with UAHC Ventures LLC, so the company can now use its new funds to expand its plots dedicated to the creation of new bitcoins. Mining of MGT Capital is carried out in areas where hydroelectric power is affordable, which helps to keep costs low and ensure higher profitability, especially because of the price increase was seen in the mother Criptomoneda.

It is unquestionable that mining processes are massive extractors of electricity, but, of course, finding new blocks in all networks will help to cover costs. Adding more hardware can increase the overall long-term benefits, but the picture becomes more competitive to find new blocks, as each network of crypto coins makes things more difficult at certain intervals. In short, new hardware should be included if users want to retain their current fraction of profits: MGT Capital will do the same in the coming months.

It should be remembered that a few weeks ago John McAfee stated that Bitcoin will be priced at $ 500,000 by 2020 … a very eloquent and interesting opinion. Each BTC is valued at $ 4352.94 -for writing this note- and while it is not impossible for that amount to increase by more than 11,000% for McAfee’s prediction to come true, the fact remains that the timeframe in which it Establishes may not allow such an increase; Of course, it will take time to determine if this is feasible … Meanwhile, MGT Capital will extract additional bitcoins.