John McAfee's MGT has raised $2.4 million for Bitcoin mining

MGT Capital is a technology company that is involved in cryptocurrency and mining. They have recently raised $2.4 million and will be mining cryptocurrencies "with contracted, low-cost hydro-electric power in central Washington state."

With the help of Bitmain, and industry leader in manufacturing of Bitcoin mining hardware, as well as the size and power efficiency of their operation, this should allow the company to return value to their shareholders. This is due to a strong relationship with Bitmain as well as a rise in value of Bitcoin.

Stephen Schaeffer, President of MGT Crypto-Capital Strategies, stated:

"Today's announcement is further evidence of our commitment to being the leading miner in the North America. We are currently constructing our third location in Washington State, and plan to deploy new mining rigs in this facility in early October 2017."

Now that is has secured the $2.4 million, it can ramp up its bitcoin mining process and will become one of the biggest mining operations in the US.

John McAfee, perhaps best known for McAfee Antivirus software, is a firm believer of blockchain technologies and the operation; he has stated:

" I cannot emphasize enough how an operation of this scale provides us with a key competitive advantage for developing security and privacy applications and platforms using the Blockchain."

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