A Rising Tide Lifts All Boats: MGTI

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MGT Capital Investments Inc. has seen a significant increase in action in recent days as the price of bitcoin surges upward surpassing $11k after blasting through the important $10k hurdle. All btc mining stocks have seen a huge rise and Investors are hoping MGTI can do the same.

MGTI stated in a recent shareholder update the recent increase in the price of Bitcoin, without a material increase in the Difficulty Rate, has allowed the Company to resume its mining operations.  The Company also entered into new or amended agreements with its host facilities to provide lower risk and more flexibility. MGTI also liquidated their first, but small, facility in Washington state to keep focus.

As of today, MGT is mining with 1,800 machines in Colorado Springs, pursuant to management agreements with our third-party investors, generating 22 Ph/s in hash power. An additional 400 Company-owned miners are currently racked and undergoing final stages of setup, and up to 300 more Company-owned miners may be deployed in this location, creating a total of just over 30 Ph/s. In Coshocton, Ohio, MGT executed a definitive agreement that shares profits with our hosting facility operator, Standard Power of Ohio, in return for a sizable reduction in electricity costs. Under this arrangement, the Company is operating 900 miners with 12 Ph/s today, with an additional 300 miners undergoing final stages of setup. This facility is also planned to be utilized for the balance of 2,000 Company-owned miners upon completion of Pod5 containers.

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MGTI was the brainchild of security whizz John McAfee of McAfee Antivirus who spent years in Belize than on the run and back in the US on top again. Mr. McAfee smartly realized that Bitcoin is the greatest and most disruptive technological advancement to come around in years and he has turned MGTI into one of the largest U.S. based Bitcoin miners with 2 facilities in Washington State already up and running and plans to deploy a third rig for early October 2017. Bitcoin is here to stay and if you don’t own one you are missing out on the greatest investment opportunities of our lifetime.

MGTI also reported Steve Schaeffer, Chief Operating Officer of MGT, has resigned to pursue other interests. The Company is confident it has a team capable of both optimizing existing operations and expanding with the new generation of Bitcoin miners using the much more power-efficient 7 nanometer chip designs.

Earlier this year MGTI completed the move of its Swedish operations to locations in Colorado and Ohio. At that time, we stated that when Bitcoin mining economics allow for profitable operation, we would re-commence mining.  All but 600 miners are currently racked and plugged in, and ready to start operation. Over this period, we have negotiated with our counterparties in both locations, and are pleased to announce that we have entered into a letter of intent with Standard Power of Ohio that is expected to vastly improve Bitcoin mining economics for MGT.

Currently trading at a $10 million market valuation MGTI has just $96k in the treasury and reported $2 million in revenues in 2018 but very little so far in 2019. The Company has had its difficulties but with 1,800 machines machines currently mining in Colorado Springs Investors are hoping that the recent rise tide of BTC will lift all boats as the saying goes.

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