Understanding Bitcoin mining can be rather complicated. When broken down into simple terms, Bitcoin mining is when miners purchase powerful computing chips designed solely to solve the blocks which reward Bitcoins. We are partnered with the largest supplier of these machines, Bitmain and are currently using their Bitmain S9 Antminers.
The software on the Bitmain S9’s are working day and night to solve the complicated calculations, when they do, we receive a block award (currently 12.5 BTC) as well as transaction fees. The more S9 Antminers you have working together the faster you can solve each block.
Unlike traditional currencies, Bitcoin operates on the basis of a public ledger system. In order for Bitcoin transactions to be confirmed, avoiding the same Bitcoin being spent twice, Bitcoin miners are required. Bitcoin mining plays an intricate part in the Bitcoin Blockchain ecosystem. Without Bitcoin miners, the ability to keep the public ledger system correct would be impossible.
MGT Capital Investments began Bitcoin Mining September 2016 in Washington State and these facilities are still mining today. These units laid the ground work for our self contained mining containers which can hold up to 400 Bitmain S9 Antminers enabling us to stay mobile if needed.
Our latest Bitcoin Mining facility is in Northern Sweden. We scouted for locations in 2017 and found a location which can hold close to 20,000 Bitmain S9 Antminers.
Watch the videos below for a closer look at our Sweden and Washington State Bitcoin Mining facilities.
Every time MGT’s Bitcoin miners solve a block we receive our Bitcoin reward. We then sell our mined Bitcoins at the end of each mining week. At this time we are currently keeping 10% of our mined Bitcoins for long term investments.
On top of the profits we make from selling our mined Bitcoins we also make money on the transaction fees. When our Bitcoin mining computers are used to facilitate a transaction we are paid a transaction fee by those conducting the transaction.