MGT Capital, the organization keep running by John McAfee, said it would begin Mining Ethereum — the bitcoin match that has surged almost 4,000% this year — in its most recent offered to turn a benefit.
MGT, which is traded on an open market over the counter, has pitched itself to investors specialists generally as a cybersecurity organization. Cybersecurity is the place McAfee made his mark as the founder of the antivirus organization that bears his name.
But , McAfee has more recently started to touted cryptocurrencies. He said a month ago that interests in bitcoin would help return MGT back in the black by the end of the year.
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Ethereum resembles bitcoin in that it can be “mined” by PCs that solve complex calculations. MGT said Friday that it achieved a concurrence with Bit5ive LLC to purchase up to 60 graphics-processor-based mining PCs to help dig for ether.
McAfee said in the announcement.
“We are more convinced each day of the growth and value of digital currencies, and our company is uniquely positioned to be a leading provider of processing power to relevant blockchains,”
McAfee’s raid into the cryptocurrency space comes when others have been sounding the alert after a huge run-up in prices.
Toward the beginning of June, billionaire Mark Cuban said it was clear that bitcoin was a bubble, tweeting,
When everyone is bragging about how easy they are making $=bubble.
Days after the fact, Goldman Sachs cautioned that bitcoin was looking “heavy” and that a drop to amongst $2,330 and $1,915 a coin was looking likely. Bitcoin put in a low of $2,076 only a day later after the scaling debate came back into focus as the bitcoin-mining firm Bitmain plot its”contingency plan” for if a hard fork were to happen. Bitcoin has recovered those misfortunes and now lossesat $2,708.
Ethereum is up by 3,964% in 2017. With respect to MGT, its stock is up by 42% year-to-date.
On the contrary, McAfee stated earlier:
No matter how much government and regulators may scream and complain, there will be a world standard alternative currency. Bitcoin appears to be the one… It cannot possibly be a bubble.