MGT Capital Investments, Inc. announced that it has begun to implement phase two of its bitcoin operation that is scheduled to expand its processing power to over five PetaHash by the end of the fourth quarter, this year.

According to the official announcement, MGT has updated its shareholders on its fully-owned large-scale bitcoin mining operation in central Washington State. The company has mined more than 90 bitcoins and is pleased to have delivered on the metrics that was outlined on 13th September 2016.

"I wish to thank our shareholders for the positive feedback we have received since completing the first phase of our Bitcoin project. Our machines have been working flawlessly at full potential with a very high level of efficiency. We are excited and ready for the expansion of this activity as we implement the second planned phase," Robert Collazo, Director of Operations for MGT's Bitcoin mining operations said.

The strategy has been successfully implemented by MGT in order to maximize profits from mining operations. This is done by capitalizing on low-cost hydroelectricity and making use of proprietary software to optimize and manage its machine performances.

Additionally, the company is making use of state-of-the-art 16 nanometer ASIC chips and more efficient power supplies, thus further reducing the power requirements of mining operations.

"The cash flow opportunity in the Bitcoin market provides tremendous financial benefit to our operations and balance sheet. At our current output, we believe MGT is one of the top five Bitcoin miners in the U.S., and we believe our first quarter 2017 goal of 10 PetaHash for this facility would place MGT in a leadership position in the global Bitcoin network,” John McAfee, Executive Chairman of MGT stated.

Earlier in July, MGT revealed the details of the initial phase of a large-scale bitcoin mining operation to establish the company as a leader in blockchain technologies.