The bitcoin mining and cybersecurity firm MGT Capital has raised $2.4 million in new funding.
The financing for MGT Capital came as a result of a 10 percent convertible note issued to a firm called UAHC Ventures LLC. The funding, according to statements, will be used to expand MGT's bitcoin mining operations in the northwest US, where plentiful hydropower has attracted more than a few miners.
Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, with new coins being created as a reward for the miner that creates the next transaction block. Profits are earned when the proceeds of mining exceed the cost of electricity and other resources.
Article on Coindesk
Topic: [2017-08-24] John McAfee raises 2.4 million expand Bitcoin mining operation (Read 3201 times)
August 24, 2017, 06:56:20 AM
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