If you are interested in bitcoin mining, here is something to watch out for. In an effort to diversify its portfolio for cyber technologies, MGT Capital Investments has launched a bitcoin mining operation and it will be completely operational on August 1. The company has found a location in central Washington with low cost hydro power that could generate more than two PetaHash of processing power. MGT Capital hopes to become a leader in crypto currency mining and it plans to expand to nearly 10 PetaHash.
MGT Capital Investments is composed of John McAfee, a cyber-security pioneer and a former presidential contender. The investment company is composed of some of the most recognized names in the bitcoin mining industry. MGT has tested out a 100-Tera Hash operation that allows it to maximize on the production software. Robert Collazo who was named to lead the venture hopes to bring his proven skills to make the endeavor profitable.
Having an in-house mining operation will allow MGT the processing capabilities of different blockchain technologies that are currently emerging. The company’s mining equipment can be redirected to tasks beyond the blockchain to address the growing demands for transaction processing. Future cyber security products will be blockchain based and there will be an increased demand for processing.
According to McAfee, their strategy to use the mining computers for the task will be particularly cost effective. Great returns on investment will be earned if the power of supercomputers will be harnessed to address cyber threats through protection technology for both personal computers and mobile devices.
MGT Capital Investments is also set to acquire Demonsaw, a provider of anonymous file sharing software and anti-spy software called D-Vasive. After D-Vasive has been acquired, the name of MGT Capital Investments will be changed to John McAfee Global Technologies.
During the early years of bitcoin mining, users made use of their central processing unit (CPU) for mining; however, this was not enough for the users to become profitable. Miners quickly moved to Bitcoin Mining Hardware with higher performance standards. In order to be profitable in bitcoin mining, it is important to use machines that run at unprecedented speeds while consuming less power.