John McAfee’s latest gambit is mining Ethereum — the cryptocurrency that’s up nearly 4,000% this year
MGT Capital, the company run by John McAfee, said it would start to mine Ethereum – the bitcoin rival that has surged nearly 4,000% this year – in its latest bid to turn a profit. MGT, which is publicly traded over the counter, has pitched itself to investors mostly as a cybersecurity company. Cybersecurity is where McAfee made his mark as the founder of the antivirus company that bears his name. But McAfee has more recently started to tout cryptocurrencies. He said last month that investments in bitcoin would help put MGT back in the black by the end of the year. Ethereum is like bitcoin in that it can be “mined” by computers that solve complex computations. MGT said Friday that it reached an agreement with Bit5ive LLC to buy up to 60 graphics-processor-based mining computers to help mine for ether.
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