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- According to a press release, on May 16, 2020, the US-based Bitcoin miner MGT Capital Investments, Inc. filed its Form 10-Q quarterly report with the SEC (Securities and Exchange Commission) for the period ended March 31, 2020.
- Furthermore, the site describes three months’ revenue ended by March 31, 2020.
- Throughout April and May, the company resolved its derivative lawsuits pending in the state and federal court.
According to a press release, on May 16, 2020, the US-based Bitcoin mining company MGT Capital Investments, Inc. filed its Form 10-Q quarterly report with the SEC (Securities and Exchange Commission) for the period ended March 31, 2020.
Details of first-quarter filing
The filing details that the operation and the management of the company are in Lafayette, GA. However, the website constitutes 1500 new generation Bitcoin miners in which entire S17 Pro Antminers are from Bitmain Technologies.
Furthermore, the site describes three months’ revenue ended by March 31, 2020, which totaled around $677,000 reflecting a full quarter of mining.
Throughout April and May, the company resolved its derivative lawsuits pending in the state and federal court. The settlements included payments to the Company that totals around $290,000. From which over $180,000 will be paid to the plaintiffs and their counsel.
Impact of Bitcoin Halving Over The Company
Moreover, on May 11, 2020, the third most awaited Bitcoin Halving Event 2020 occurred. This halving event revised the mining network reward to 6.25 BTC per block. The network issues are based upon block, not coins. The halving decreases the number of new Bitcoin being generated each time by the network.
Thus, if the complete network hash rate does not drop, the miners will find the number of new Bitcoins reduced per Ph/s employed, as compared to pre-halving.
Though the effect is to make a limited supply of new coins. Halving does not have any impact on the outstanding coins. The daily new supply from mining describes a very low percentage of outstanding BTC. It also depicts a small fraction of daily BTC trading activity.
The rise and fall on the price of Bitcoin based on overall investor and consumer demand. If the price of Bitcoin faces no changes post halving and the overall network hash rate stays stable, the company’s revenue will be decreased by 50% striking a negative impact to profit.
