Here's What's Happening with MGT Capital Investments Inc. (OTCMKTS:MGTI)

We maintain completely objective coverage here at Insider Financial, and this means the spectrum of companies that attract our attention is very diverse. We're catalyst driven, and we take a look at who's moving, and why. Sometimes, however, being catalyst driven, means we have to keep returning to a company. Why? Because it keeps grabbing headlines, and moving on the back of this attention. One company that fits this remit is MGT Capital Investments Inc. (OTCMKTS:MGTI). Primarily as a result of the seeming inability of the company's CEO, John McAfee, to stay out of the mainstream media, MGT became one of the most talked about small caps of 2016, and as we move into 2017, it looks like nothing's going to to change.The company has gained nearly 70% since 2016 closed out, with no real company-specific news hitting press. Reading between the lines, however, there have been a number of developments that are contributing to the gains.So, for those wondering why the company is moving, here's what's going on.First up, a quick introduction to MGT. John McAfee is the guy behind the McAfee Associates, the cyber security technology company, which he took public and then resigned from in the nineties. Intel Corporation (NASDAQ:INTC) bought the company in 2010, and is trying to sell it right now. McAfee is trying to block the sale on the grounds that it contains his name, and that's making headlines, but it's not something we're going to focus on here.Anyway, McAfee was announced as set to taker over as CEO MGT early in 2016, with the goal of setting it up as a sort of rogue security company. A hacker's go-to security company, if you like. He's since come across a number of hurdles, and there have been twists and turns (which you can read about in our previous coverage here, here and here), coupled with a delisting. As things stand, however, he's CEO of the pink sheet company MGT, and the company is working on acquiring security assets to build out its portfolio.It's got a secondary arm to its operations, however, and this brings us to our first market cap boosting development. That arm is a bitcoin mining operation (again, you can read about this in previous coverage) and it's the primary driver behind the run up we are seeing in MGT's valuation right now. MGT has a facility in Washington that is working toward mining bitcoin at the rate of 10 PetaHash.So why is this important now?When the company announced this target, and concurrently announced it was mining at 2.6 PetaHash and working on a near term upgrade to 5 PetaHash, the price of one bitcoin was around $600 a piece, at the top end. Over the last few weeks, bitcoin has risen from around $750 a piece, to highs of $1300, and currently sits around $1,100. MGT's primary revenues driver (right now) is this bitcoin mining facility, and the revenue the company is generating per unit of electricity and processing power (these are the costs of revenue) has effectively doubled.There's that, and then there's the massive mainstream media focus on cyber security right now. With the Russian debacle over the US election taking front and center on our screens, people are being forced to consider cyber security in a way that they never really have before, and the industry as a whole is running up. MGT is not an exception to this run.How long bitcoin will stay this high, remains to be seen. We've seen bitcoin crash before, and we've seen a correction over the last couple of days (likely as the result of traders taking profits off the table). As long as it keeps moving in a general uptrend, however, we expect MGT to do the same. Concurrently, we don't expect cyber security, or McAfee himself, to stay out of the spotlight.We will be updating our subscribers as soon as we know more. For the latest updates on MGTI, sign up below!Disclosure: We have no position in MGTI and have not been compensated for this article.