MGT Capital Investments, Inc., a New York-based firm, has announced the addition of Ethereum and Ethereum Classic to its mining strategies.

The company has entered into an agreement with Bit5ive LLC to purchase up to 60 graphics processor-based mining computers. These machines will utilize the highest quality GPU cards and Intel CPU's with a design to divide the hash rate between Ethereum (ETH) and Ethereum Classic (ETC).

"We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blockchains. The addition of Ethereum and Ethereum Classic to our crypto mining strategies is expected to be very profitable for us”, John McAfee, MGT's Executive Chairman, stated.

MGT Capital noted the growing interest for the utility of smart contract technology in recent months. In its official release, the firm stated that it believes that the formation of Enterprise Ethereum Alliance will lead to new and exciting applications and verticals utilizing the Ethereum blockchain, all requiring more robust mining power in order to execute transactions.

McAfee took over as the CEO of MGT Capital last year in May. The following month, the company revealed the details of the initial phase of a large scale Bitcoin mining operation designed to position it as a leader in blockchain technologies. With the latest announcement, the company is now entering into the Ethereum space.