MGT Capital, the corporate run by John McAfee, stated it will begin to mine Ethereum — the bitcoin rival that has surged practically four,000% this yr — in its newest bid to show a revenue. Though ethereum has since dropped in worth, it’s an alteration that was predicted by specialists, given its unprecedentedly extreme rise. And as this newest announcement highlights, tech specialists and traders alike are assured that its value will quickly surge once more.
MGT, which is publicly traded over-the-counter, has pitched itself to traders largely as a cybersecurity firm. Cybersecurity is the place McAfee made his mark because the founding father of the antivirus firm that bears his identify.
However McAfee has extra lately began to tout cryptocurrencies. He stated final month that investments in bitcoin would assist put MGT back in the black by the tip of the yr.
Ethereum is like bitcoin in that it can be “mined” by computer systems that remedy complicated computations. MGT stated Friday that it reached an settlement with Bit5ive LLC to purchase as much as 60 graphics-processor-based mining computer systems to assist mine for ether.
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