DURHAM, N.C., March 1, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) today announced that its Bitcoin Mining Pool is scheduled to be fully available to the Bitcoin network early in the second quarter of 2017. Code development has been completed and security testing is underway. Upon launch, MGT plans to offer the world's most secure mining pool, branded MacPool, using the Company's proprietary cybersecurity utilities, and hosted exclusively on U.S. based servers.
Bitcoin mining pools are a mechanism for Bitcoin mining nodes to combine resources, share hashing power and split rewards on a pro-rata basis. With Bitcoin valued at all-time highs, and consumer adoption reaching an inflection point, transaction numbers are expected to grow significantly. The growth in daily commerce using Bitcoin will increase the importance of aggregated mining pools to verify and report transactions to the Blockchain.
John McAfee, Chief Executive Officer and Executive Chairman of MGT stated, "Our mining pool is a natural outgrowth of our investment in Blockchain technology as a foundation for future cybersecurity products. 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, MGT leverages our unique opportunity to provide investors with a suitable proxy to participate in the profitable bitcoin mining space."
About MGT Capital Investments, Inc. MGT Capital Investments, Inc. (OTC: MGTI) is in the process of acquiring and developing a diverse portfolio of cybersecurity technologies. With industry pioneer John McAfee at its helm, MGT is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, as well as corporate networks.
Also as part of its corporate efforts in secure technologies, MGT is growing its capacity in mining Bitcoin. Currently at 5.0 PH/s, the Company's facility in Washington 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 financial partners to grow Bitcoin output materially.
Lastly, MGT stockholders have voted to change the corporate name of MGT to "John McAfee Global Technologies, Inc." Following a dispute over ownership and permitted usage of the name McAfee, The Company and Intel have agreed to a mediation process to avoid unnecessary legal costs.
Forward–looking Statements This press release contains forward–looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward–looking statements." All information set forth in this news release, except historical and factual information, represents forward–looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward–looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
Investor and Media Contact Tiffany Madison Director of Corporate Communications MGT Capital Investments, Inc. [email protected] 469.236.9569