Home / FINANCE / Markets / John McAfee’s latest gambit is mining Ethereum — the cryptocurrency that’s adult scarcely 4,000% this year

John McAfee’s latest gambit is mining Ethereum — the cryptocurrency that’s adult scarcely 4,000% this year

John McAfee
John McAfee.

MGT Capital, a association run by John McAfee, pronounced it would start
cave Ethereum — a bitcoin opposition that has surged nearly
4,000% this year — in a latest bid to spin a profit.

MGT, that is publicly traded over a counter, has pitched
itself to investors mostly as a cybersecurity company.
Cybersecurity is where McAfee done his symbol as a owner of the
antivirus association that bears his name.

But McAfee has some-more recently started to surveillance cryptocurrencies. He
pronounced final month that investments in bitcoin would assistance put MGT

behind in a black by a finish of a year.

Ethereum is like bitcoin in that
it can be “mined” by computers that solve complex
computations. MGT pronounced Friday that it reached an agreement with
Bit5ive LLC to buy adult to 60 graphics-processor-based mining
computers to assistance cave for ether.

“We are some-more assured any day of a expansion and value of
digital currencies, and a association is singly positioned to be
a heading provider of estimate energy to applicable blockchains,”
McAfee pronounced in a statement.

McAfee’s incursion into a cryptocurrency space comes when others
have been sounding a alarm after a outrageous run-up in prices.

In early June, billionaire
Mark Cuban pronounced it was clear that bitcoin was a bubble,
tweeting, “When everybody is bragging about how easy they are
creation $=bubble.”

Days later,
Goldman Sachs warned that bitcoin was looking “heavy” and
that a dump to between $2,330 and $1,915 a silver was looking
likely. Bitcoin put in a low of $2,076 only a day after after the
scaling discuss came behind into concentration as a bitcoin-mining firm
Bitmain summarized a “contingency
plan” for if a tough flare were to occur. Bitcoin has recouped
those waste and now trades during $2,708.

Ethereum is adult by 3,964% in 2017. As for MGT, a batch is adult by
42% year-to-date.

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