MGT Capital Investments, Inc. announced that it has updated its shareholders and implemented the successful completion of second phase of its bitcoin operation in central Washington State, ahead of its schedule.

The release stated that the company has delivered the phase two metrics ahead of schedule, and has expanded the processing power of its bitcoin operations to over five PetaHash. The move would place MGT as a leader in the U.S. bitcoin mining network.

"I want to thank our team on the ground in Washington State for their hard work and diligence in completing phase two ahead of schedule. The facility has maintained as high a level of performance and uptimes as I have encountered in my career. I am looking forward to our expansion and continued growth," Robert Collazo, Director of Operations for MGT's Bitcoin mining operations, said.

The company launched its bitcoin operations recently, and has mined more than 170 Bitcoins, which are valued at over $715.18 each at press time.