MGT Capital Investments, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
November 13, 2023 at 12:27 pm EST
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MGT Capital Investments, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.019 million compared to USD 0.062 million a year ago. Revenue was USD 0.098 million compared to USD 0.284 million a year ago. Net income was USD 2.42 million compared to USD 0.035 million a year ago.
For the six months, sales was USD 0.04 million compared to USD 0.125 million a year ago. Revenue was USD 0.205 million compared to USD 0.539 million a year ago. Net loss was USD 1.38 million compared to USD 1.48 million a year ago.
MGT Capital Investments, Inc. is engaged in cryptocurrency activities with operations at an owned and managed Bitcoin mining facility in LaFayette, Georgia. The Companyâs business activities are comprised of self-mining operations, providing hosting services, and leasing space to third parties. The Company owned approximately 35 Antminer S19 Pro miners providing about 3 Ph/s in hash power for self-mining. It also offers third-party owners of miners a hosting service whereby the Company operates and maintains the miners for a fixed monthly fee. Its miners and those hosted for others are housed in a modified shipping container on the Companyâs owned property in Georgia. The Company owns the entire facility, including land and improvements, five 2500 kilovolt-amp (KVA) three-phase transformers, and three mining containers. The Company is exploring the 10 MW expansion potential at its property as well as investigating other sites to develop Bitcoin mining facilities.
MGT CAPITAL INVESTMENTS, INC. 
