Mgt Capital Investments, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2021
May 24, 2021 at 05:21 pm EDT
Share
MGT Capital Investments, Inc. announced earnings results for the first quarter ended March 31, 2021. For the first quarter, the company announced sales was USD 293,000 compared to USD 677,000 a year ago. Operating loss was USD 442,000 compared to USD 958,000 a year ago. Net loss was USD 581,000 compared to USD 1.324 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.