MGT Capital Investments., a leading U.S.-based bitcoin miner, has announced the closed a new financing round in which it has raised $2.4 million.
The funds will be used to ramp up bitcoin mining operations, the company said. The financing comprises of a $2.4 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor, UAHC Ventures LLC.
"Today's announcement is further evidence of our commitment to being the leading miner in the North America. We are currently constructing our third location in Washington State, and plan to deploy new mining rigs in this facility in early October 2017,” Stephen Schaeffer, President of MGT Crypto-Capital Strategies, said.
UAHC Ventures is a subsidiary of publicly traded United American Healthcare Corp. (UAHC), which created to pursue strategic-investment opportunities in promising growth industries, such as blockchain technologies and digital currency..
“Today we see Bitcoin and related-mining activities as a promising and fast-growing segment of the digital currency sector. Accordingly, we’ve identified MGT Capital Investments, Inc. as a leader in Bitcoin mining that is uniquely poised to capture market value as it expands its mining operations. As our commitment to making strategic investments through UAHC Ventures continues, we will further explore potential value-adding opportunities in the digital currency space, as they present themselves,” said John Fife, CEO of UAHC Ventures.
MGT Capital is developing a portfolio of cyber security technologies, with industry pioneer John McAfee as its visionary leader, creating advanced protection technologies for mobile and personal tech devices, as well as corporate networks. Its first product, Sentinel, an enterprise class network intrusion detector, is currently in beta testing, with commercial released anticipated by the end of next month.
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