Biggest Mining Operation Of Bitcoins In The US To Be Organized By John McAfee

There is fear in a lot of people as to the future of the cryptocurrency since the mining of the bitcoin is mostly dominated by a number of Chinese firms. It was known all over the globe that one of the competing firms, KnCMiner, is now bankrupt due to its endeavor in bitcoin mining. The news, however, was not able to rattle the new venture that will try to outdo China in bitcoin mining and with a facility in none other than the US soil.

MGT Capital Investments, Inc. is now ready with their mining operations after having secured a place that they can use. The location is equipped with a hydro power source, an electric dam, and is known to be low cost. The new facility can be found in the state of central Washington and will have a processing tower that will be able to generate more than two PetaHash. The facility is expected to be in motion by August 1 of this year. In case the company decides to, the facility will be able to handle an expansion of up to 10 PetaHash.

According to the a statement from the company, the reason why they decided to join in is because of the foreseen high profit margines due to the current value of the bitcoin in the market as well as the launching of the latest 16 nanometer ASIC chips that will be able to help achieve this profit. Furthermore, when the transaction process continues to have a high demand, the mining machines can be used to perform other tasks that are found on the Blockchain.

John McAfee, known as the pioneer of the cyber security and the founder of the very first anti-virus software that was commercially available in the market, is also the proposed Executive Chairman and the CEO of MGT. Aside from McAfee, the venture is to be spearheaded by Robert Collazo who is a known entrepreneur. As new ventures will try to enter the bitcoin mining industry, it only proves further that bitcoin is secure.