MGT Capital Investments, Inc. (NYSE MKT:MGT) Q3 2019 Earnings Conference Call - Final Transcript
Nov 19, 2019 • 09:00 am ET
Good day, everyone, and welcome to today's MGT Investor Update Conference Call. [Operator Instructions]
It is now my pleasure to turn today's program over to Mr. Lowrey, the Company's Chief Financial Officer. Please go ahead.
Robert S. Lowrey
Good morning, and welcome to MGT's third quarter 2019 investor call update, and thank you for taking the time to join. Joining me is Robert Ladd, MGT's Chief Executive Officer. The agenda for today's call is for Mr. Ladd to give an overview of the Company and status of its business to date. I will then discuss financial highlights of the Company for the third quarter and year-to-date period. We will then address questions that are presented to the Company.
Prior to starting the call, I'd like to read the following forward-looking disclaimer. During this call we may make forward-looking statements about our future financial performance and other future events or trends. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could affect our financial results and the performance of our business, which we discuss in detail in our filings with the SEC, including today's earnings release and the risk factors and other information contained in our most recently filed Forms 10-K, 10-Q and 8-Ks. MGT Capital Investments assumes no obligation to update any forward-looking statements which we may make on today's call.
With that said, I would now like to turn the call over to Mr. Ladd.
As most of you know, back in June the Company decided to better control and simplify its operations by consolidating its bitcoin mining operations at the facility we constructed in LaFayette, Georgia. I'm pleased to announce that this transition is substantially complete. At this facility, we have immediate access to a minimum of 10 megawatts of power at an attractive price in the low single digits cents per kilowatt hour.
MGT owns five transformers hooked up to the nearby electrical substation, with each transformer able to serve two mining containers. At the present time, we have three containers on site, one operating with 300 Bitmain S17 Pro Antminers that we just received. The other two containers are awaiting delivery of previously ordered S17s. The Company is also waiting for delivery of two POD5 containers to house the balance of the S17 miners.
We expect all hardware to be in place during December. When all is said and done, MGT expects to have over 80 PetaHash of computing power in five containers, drawing an electric load in excess of 4 megawatt. Let me put forth this statement more directly. By year-end 2019, MGT will own outright and operate approximately 1,500 new generation bitcoin miners capable of production of about 50 BTC per month at the current difficulty rate, all housed in containers owned by MGT on land and infrastructure owned by MGT.
As for the additional 6 megawatts of electrical capacity in