80: Mining for Bitcoin with MGTCI’s President Steve Schaeffer

Steve Schaeffer is MGT’s President on Crypto-Capital Strategies. MGT is one of the top Bitcoin producers in North America with the largest individual Bitcoin mining operation. We may have heard about Bitcoin a lot these days, but what we hardly hear about is Bitcoin mining - how does it work and how is it done? On this episode, Steve explains MGT’s mining operations and returns. He also explains why the company chose to mine Bitcoins over other cryptocurrencies. He shares MGTI’s strategies in choosing locations, securing bitcoins, and gaining profit. Listen in and learn other ways to invest on cryptocurrencies.   Links: Mgtci.com Ticker (OTC: MGTI)   Discussed: ILAB 78 - Bitcoin 101, How to Invest In Cryptocurrency   Where we are: Sam - United States Johnny - United States   Time Stamps: 03:23 – What is Bitcoin Mining? 12:39 – The Geographic volume of traders 14:22 – Correlation between MGTI stock price and Bitcoin 16:29 – MGTI’s Operation and Returns 19:16 – Mining location 20:41 – What coins are they mining? 23:04 – How many coins do they mine per day? 26:58 – How do they store the Bitcoins? 29:19 – Exchanges through a Broker 31:08 – Major Banks’ play in cryptocurrencies 34:58 – MGTI’s tech infrastructures   If you enjoyed this episode, do us a favor and share it! Also if you haven’t’ already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2017. All rights reserved. Read our disclaimer here.