MGT has signed a Letter of Intent with Bitmain Technologies Limited to form a joint venture that will focus on opportunities in the Bitcoin space in North America. The proposed joint venture between MGT and Bitmain will lead to the development of a state of the art Bitcoin mining pool. There will be many exciting features to the McAfee pool that will include advanced user interface as well as superior network protection and security maintained by MGT's proprietary cybersecurity technologies. In addition, the companies plan to form a partnership to offer both institutional and individuals access to affordably priced mining hash from U.S. based facilities maintained by MGT.
Founded in 2013, Bitmain Technologies, described as the world’s most valuable bitcoin company, was established to develop and sell the world’s leading bitcoin miners using Bitmain's ASIC chip technology. Starting with the Antminer S1, Bitmain's task continuously became more difficult as bitcoin’s “difficulty level” kept rising. They followed Moore’s Law in this emerging field of ASIC chip design and pioneered it, time and again. In May of 2016 Bitmain released the Antminer S9, the world’s first consumer-grade bitcoin miner based on a 16nm process ASIC chip. This is also the world’s most power-efficient bitcoin miner, taking that title away from its predecessor, the Antminer S7.
Bitmain is now among the most recognizable companies in the cryptocurrency space and the proud parent of several brands, among them Antminer, Antpool, and Hashnest, all of which are ranked number one in their respective fields. Their machines and customers are present in multiple locations in almost every country of the world.