$2.4 Million Funding To MGT Capital To Expand Its Bitcoin Mining Operation

Bitcoin mining and cybersecurity company MGT Capital has raised $2.4 million.

MGT Capital’s money arose as a result of a 10% convertible note served to a company called UAHC Ventures LLC. According to what is said, money belongs to MGT; It will be used to expand the bitcoin mining operations in the northwestern United States, where there are many miners.

Bitcoin mining is a reward for the miner where new transactions are added to the blockchain and create the next chunk of transactions. An energy-heavy process where coins are created. Profits are earned when inference work exceeds the cost of electricity and other needs.

In the late 1980s, John McAfee, who founded an anti-virus software company bearing his name, was one of the company’s leadership team. a part of. In 2010, Intel bought the company for $7.6 billion.

In addition to bitcoin mining, MGT is also launching ethereum and ethereum classic and a host of cybersecurity, including a privacy-focused phone

In previous communications with the press, McAfee spoke an optimistic tone about bitcoin mining, in an interview in May “we will definitely be making profits by the end of the year,” strong> he said.

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