GEM Mining is an institution-grade bitcoin mining company, headquartered in Greenville. It announced that it has deployed a fleet 13118 active miners, producing 6.5 bitcoin per hour. GEM Mining’s current hash rate capacity stands at 1.25 E/H, with the fleet increase. Bitmain S19 Pro miners make up the majority of active fleet with an average hash rate 100 Terahash per second (TH/s).
The company confirmed full-funded purchase orders with hosting for 19,000 additional machines. This will allow them to activate the remaining 13,118 active miners by 2022.
Since February 2021, they have mined 560.9 Bitcoins. This has resulted in profitability ever since the first machines were put online. They reported revenue of $7.8M in November and an adjusted EBITDA exceeding $6.2M. The company’s mining operations are 92% carbon neutral.
ZebPortanova , Head for Strategic Initiatives at GEM Mining said that this announcement demonstrates our commitment to our ongoing long-term growth plan which makes GEM Mining well-positioned in order to take advantage of emerging opportunities in cryptocurrency mining.
John Warren is the CEO of GEM Mining. stated that the successful deployment of 13,000 miners was a significant milestone in GEM Mining’s growth story. We will continue to look for opportunities to deploy industry-leading tech with our top hosting partners. This has been the company’s mission since its inception, and it will continue to be our main focus in 2022.
The company, headquartered in Greenville (SC), is an institutional-grade Bitcoin mining company that is privately held. It focuses on maximising equity returns for investors. Five founding partners are the company’s leaders. They have been working together since 2017 to build the foundations of the cryptocurrency and blockchain company.