MGT Capital Investments, Inc. recently revealed the details of the initial phase of a large scale Bitcoin mining operation, which will establish the company as a leader in blockchain technologies.

The company is set to launch a facility which will generate over two PetaHash in processing power and has an expansion capacity up to nearly 10 PetaHash. MGT noted that the current pricing environment of bitcoin and other digital assets, along with the release of new 16 nanometer ASIC chips offers a significant opportunity to generate exceptional profit margins.

“In order to meet the processing demand for our future cyber security products that are Blockchain based, MGT will need a large number of ASIC computers. Our announced strategy is particularly cost effective, as mining computers are perfectly suited for this task and can earn a great ROI until we utilize the processing power of these super-fast machines to support the future revenue streams of our products,” MGT's proposed Executive Chairman and CEO, John McAfee said.

MGT has secured a location with contracted low cost hydro power in central Washington State. The venture will be lead by Robert Collazo who has previously led various successful build-outs since the digital currency inception.

“We are pleased that Robert has agreed to join us and use his expertise to grow the project," John McAfee added.

Previously, the company saw successful results in testing a smaller scale (100 TeraHash) operation which allowed the company to optimize its production software. In additon, it provided experience to its team in building out and managing a profitable mining center.

MGT Capital Investments, Inc is to be renamed ‘John McAfee Global Technologies, Inc.’ The company is in the process of acquiring a diverse portfolio of cyber security technologies. It is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.

The facility is expected to be fully operational by 1st August, 2016.