This money will be used to expand the company’s Bitcoin mining operations in the Northwestern U.S..
The funding was raised from a 10 percent convertible note issued to UAHC Ventures LLC
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.
Besides Bitcoin, MGT Capital also mines the digital currencies Ethereum and Ethereum Classic. The company is also involved in the development and production of cybersecurity products and a privacy-oriented phone.