MGT Capital increases capacity

The John McAfee led technology and bitcoin mining company presents an update for cryptocurrency operations
17 October 2017   427

MGT Capital Investments aspires to confirm its claim of being the largest Bitcoin miner in the U.S. by increasing the number of mining machines to 4,700 units and getting 50 graphics processor-based mining computers to mine Ethereum and Ethereum Classic. The company uses Bitman Technologies S9 Antimer rigs which generate potential hash power of 60 Ph/s.

Maintaining Bitcoin mining operations MGTI expects to gain $2.0 million monthly, although considering spendings for electricity, profit sharing and management fees the ultimate amount is expected to be $1.1 million per month. Thus, the annual amount is to be $25 million and earnings before interest, taxes, depreciation and amortization of $13 million which are far more than current corporate capital requirements.

We have been running at breakneck speed to achieve a substantial expansion of our Bitcoin mining footprint, and it’s time for a comprehensive summary.
 

Stephen Schaeffer

President of business unit, Crypto-Capital Strategies Company

The company expects to put all the rigs into operating in the first quarter of 2018.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.