MGT Capital Investments Inc. (OTCMKTS:MGTI)
MGT Capital Investments Inc. (OTCMKTS:MGTI) stock ended yesterday at $1.93 but has gained almost 15% to trade around the $2.20 level in mid-day action. The 30-day daily average volume for MGTI stock is listed at 596,787 but by 1:30PM EST over 2.2 million shares hand exchanged hands.
MGT Stock OTC Chart:
Today, MGT Capital Investments Inc. (OTCMKTS:MGTI) announced the deployment of 650 new Bitmain S9 Bitcoin mining rigs. These units will be installed at a new facility located in central Washington state. MGT Capital Investments Inc. (OTCMKTS:MGTI) believes it will take two weeks to complete the installation and achieve full production capacity. With the Washington state facilities, MGT Capital Investments, Inc. (OTC: MGTI) has become one of the largest U.S. based Bitcoin miners and has an eye to continue its growth.
MGT Capital Investments Inc. (OTCMKTS:MGTI) recently passed the “one thousandth mined bitcoin” mark since the company began operations in September 2016. Robert Ladd, Chief Executive Officer of MGT commented, “We are committed to this sector and look forward to updating stockholders on our continuing growth.”
MGT Crypto-Capital Strategies President, Stephen Schaeffer, stated, “With the recent highs of $4,500 per bitcoin, the business of mining is as profitable as ever. I couldn’t be more excited about the timing of my new appointment, and I truly believe we will build MGT into a mining powerhouse in the U. S.”
The development of MGT Capital Investments Inc. (OTCMKTS:MGTI) portfolio of cyber security technologies is led by industry pioneer John McAfee. Mr. McAfee is also developing protection technologies for mobile and personal tech devices, as well as corporate networks. Sentinel is the company’s first product. It is an enterprise class network intrusion detector and is currently in beta testing. Its commercial release is believed to take place in the next 45 days. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.