North Carolina-based MGT Capital Investments has closed a $2.4m funding round from UAHC Ventures.
This investment came on a 10 per cent convertible note, with a share price of $1.05. This latest investment will be used increase MGT’s bitcoin mining operations.
The company is a bitcoin miner, but is also developing cyber security technologies, with John McAfee as its visionary leader. MGT has multiple mining locations within the Washington State, in low-cost hydro-electric power centres.
Sentinel, which is currently in beta, is the company’s first cybersecurity product, which helps detect hackers as they explore the clients network. The company has also joined with Nordic IT to create a mobile phone privacy product which is set to launch next year.
MGT Crypto-Capital Strategies president Stephen Schaeffer said, “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.”
Following the latest investment, the company has raised around $8m, with the company nabbing around $1.5m in 2013.
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