MGT Capital Investments, Inc, announced that it has signed a Letter of Intent with bitcoin company Bitmain Technologies in order to form a joint venture that aims in opportunities in the bitcoin space in North America. The partnership will launch a McAfee-branded bitcoin mining pool.

The planned joint venture between MGT and Bitmain, intends to lead the development of a state of the art bitcoin mining pool. The McAfee pool will have exciting features including advanced user interface as well as superior network protection and security maintained by MGT's proprietary cybersecurity technologies, the release said.

"Our partnership with an iconic name such as Bitmain Technologies is a major milestone for MGT as it executes it plan to become the major player in bitcoin throughout the western hemisphere. This Partnership will go a long way towards making MGT a leader in the fastest growing segment of financial and industrial cybersecurity," John McAfee, Executive Chairman of MGT, commented.

The partner companies plan to offer both institutional and individual access to affordably priced mining hash from U.S. based facilities that are maintained by MGT. MGT looks forward in making announcements in the near future regarding the brand identity and economics of the cloud hashing ventures.

Earlier this month, MGT 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.