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MGT Capital Launches Pilot Program to Mine Ethereum
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DURHAM, N.C., June 23, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) announced today an agreement with Bit5ive LLC to purchase up to 60 graphics processor-based mining computers. These machines will utilize the highest quality GPU cards and Intel CPU's with a design to divide the hash rate between Ethereum (ETH) and Ethereum Classic (ETC).
The utility of smart contract technology has gained the interest of many on and off Wall Street in recent months. For example, Grayscale investments, led by Barry Silbert, announced plans to launch the "Classic Ether Trust," with Bloomberg adding Grayscale's Ethereum Classic ticker symbol and investment thesis to its research base. We also believe the formation of the Enterprise Ethereum Alliance -- comprised of many of the world's leading technology companies -- will lead to new and exciting applications and verticals utilizing the Ethereum blockchain, all requiring more robust mining power in order to execute transactions.
John McAfee, MGT's Executive Chairman, stated, "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."
