ILAB 80 – Mining for Bitcoin with MGTCI’s President Steve Schaeffer

“Bitcoin stayed the most profitable crypto to be mined.”

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 MGTI’s mining operations and returns. He also explains why the company chose to mine Bitcoins over other cryptocurrencies. He shares MGT’s strategies in choosing locations, securing bitcoins, and gaining profit. Listen in and learn other ways to invest on cryptocurrencies.

Listen to ILAB 80 on iTunes here or subscribe on your favorite podcast app.

ILAB 80 Show Notes


Ticker (OTC: MGTI)



ILAB 78 – Bitcoin 101, How to Invest In Cryptocurrency


Where we are:

Sam – United States

Johnny – United States



ArtofFX – start with just a $10,000 account (reduced from $25,000)

Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)

PeerStreet – get a 1% yield bump on your first loan

Wealthfront – get your first $15,000 managed free




Start Here – Recommended Reading


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


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