QuickTake: Bitcoin and the Blockchain Guess who’s jumping on the bitcoin bandwagon?John McAfee, the pioneering and controversial anti-virus software developer, who took over as the chief executive officer of MGT Capital Investments Inc.last year and turned the video-game company into a cybersecurity firm.He expects the money-losing company to be profitable as it ramps up its bitcoin mining business, with the goal of becoming the biggest in the world."Wewill definitely be profitable before the end of the year," McAfee said in a phone interview Wednesday."From bitcoin mining, we will get the experience and expertise to apply the blockchain to our security products."MGT Capital announced plans last June for the first phase of its bitcoin operation, which was the company’s only revenue driver in the first quarter.It’s stationed in the mountains of Washington state and employs two people, whose primary job is to maintain the air conditioning system for the computers that are doing the mining, McAfee said.

MGT Capital has a dozen employees.The bitcoin venture generated $312,000 in sales for the three months ended March 31, 2017, according to a government filing.The company had a net loss of $5.89 million.MGT Capital said Monday that it received financing to buy 1,000 mining computers from Chinese firm Bitmain Technologies, bringing the total to around 1,300.It expects to start generating 225 bitcoins per month, up from about 100, which was the most recently disclosed number.bitcoin poker poolThe cryptocurrency is currently worth about $2,700 per coin.Skeptics have warned that there’s a bubble in the making.bitcoin m3Bitcoin and other digital currencies like ethereum have surged as more companies embrace the underlying technology and some investors seek financial refuge from political uncertainty across the globe.bitcoin and nwo

MGT Capital primarily mines bitcoin, but also has small-scale operations for ethereum and monero, McAfee said.Read more about the surge in bitcoin and other alternative currencies "No matter how much government and regulators may scream and complain, there will be a world standard alternative currency," McAfee said."Bitcoin appears to be the one...It cannot possibly be a bubble."Bitcoinbitcoin angel investmenttransactions are overseen by a network of so-called miners whose computers perform calculations to validate each transfer, preventing double-spending.bitcoin casino usa bonus codeMiners earn a reward of newly issued bitcoin.bitcoin wallet makerThe pace of creation is limited, and no more than 21 million bitcoins will ever be issued.MGT Capital grabbed investors’ attention last year after naming McAfee CEO.

The news sent its shares into a frenzy, but the euphoria quickly faded after the U.S.Securities and Exchange Commission subpoenaed the company and the stock was delisted from the New York Stock Exchange.The company is now embroiled in a lawsuit with Intel Corp.over the use of the McAfee moniker.Intel bought the McAfee computer-security business in 2011, but recently sold its majority stake.McAfee, who wants to change MGT Capital’s name to John McAfee Global Technologies, sued Intel for the right to use his name.Shares of MGT Capital surged as much as 63 percent Thursday to $1.14 in over-the-counter trading.MGT Capital employees who aren’t working on bitcoin are focused on the cybersecurity business, which McAfee anticipates will ultimately be the main revenue source as it expands product offerings, and the number of bitcoins left for mining dwindles.The company’s Sentinel "anti-hacking system," which consists of software and hardware, can reduce the time a hacker has to operate, according to its website.

MGT Capital is also developing a "privacy phone" that features a kill switch."Idon’t know anyone more capable than me," said McAfee."I have never lost in terms of business and I certainly don’t intend to start now."by The_Real_Fly Crazy John McAfee from the jungles of Belize is running a tiny company, specializing in cyber-security and mining bitcoins.Revenues for the last quarter eclipsed $300k, based solely on mining activities.The stock has been stuck in retard range, thanks to a pending SEC execution.Nevetheless, McAfee says his little offal of a company will be profitable by year end -- all thanks to bitcoins."We will definitely be profitable before the end of the year," McAfee said in a phone interview Wednesday.Their bitcoin mining operations are located deep in the mountains of Washington state, manned by two lads whose only task is to ensure the air conditioners are operating efficiently, in order to protect the mining machines from overheating.There's digital gold in them hills.

On Monday, the company said it got financing to acquire 1,000 mining computers from Bitmain Tech, a Chinese based firm.With these new computers, MGT will have a total of 1,300 mining for bitcoins.McAfee's goal is to become the biggest bitcoin miner in the world.With the new mining capacity, McAfee intends to generate 225 bitcoins per mo, up from the current 100.The blockchain has taken on an absurd amount of 'alternative currencies.'One of the hot one's now is based on RARE PEPE art, designated as PEPE CASH, backed by rare Pepe art.You can't make this stuff up.McAfee insists we're not in a crypto-bubble."No matter how much government and regulators may scream and complain, there will be a world standard alternative currency," McAfee said.It cannot possibly be a bubble."Aside from suing Intel for the right's to rename their company John McAfee Global Technologies, McAfee's employees, 12 in total, are focused on cyber-security.They've developed a product dubbed 'Sentinel', which is an anti-hacking software, and they're developing a 'privacy phone' that has a kill switch on it.