MGT Capital Investments, Inc. (OTCQB: MGTI)
Office (914) 630-7430 IR (919) 378-1788 Email
MGT Capital Investments, Inc. (OTCQB: MGTI)
Office (914) 630-7430 IR (919) 378-1788 Email

What is Bitcoin Mining?

Learn the meaning of Bitcoin Mining

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.

Why do we Need Bitcoin Mining?

Learn why is Bitcoin Mining Important

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.

Where are MGTI's Bitcoin Mining Facilities?

Learn where our Bitcoin Mines are Located

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.

How Does MGT Make Money Bitcoin Mining?

Learn how we make money Bitcoin mining

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.

Stephen Schaeffer Discusses MGT Bitcoin Mining

Steve Schaeffer, President of MGTI Crypto-Capital Strategies explains MGTI’s mining operations and strategies in choosing locations, securing bitcoins, and gaining profit on the Invest Like a Boss Podcast.