Wednesday, February 7, 2018
Following shipment and setup, and in conjunction with the Company's current rigs in operation or undergoing deployment, MGT's cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9's plus 50 GPU-based Ethereum miners. The Company expects all rigs announced to date to be operating by the end of the first quarter of 2018, at which point the machines are expected to generate nearly 100 Ph/s of total hash power.
"Notwithstanding the recent weakness in Bitcoin pricing, our operating efficiency and debt-free balance sheet allow MGT to grow and generate substantial free cash flow. This swift selloff will solidify our standing as a world-class leader in crypto mining. Moving forward, we are extremely confident of our further expansion opportunities," stated Stephen Schaeffer, President of the Company's Crypto-Capital Strategies business unit.