back Back

GEM Mining announces 13,000 active Bitcoin miners

By Joy Dumasia

December 30, 2021

  • Bitcoin Mining
  • Bitmain S19 Pro
  • BTC

GEM Mining, an institutional-grade bitcoin mining company headquartered in Greenville, South Carolina, announced that it had deployed a fleet of 13,118 active miners producing 6.5 bitcoin per day. GEM Mining’s hash rate capacity is 1.25 E/H with this fleet increase. The majority of the active fleet is comprised of Bitmain S19 Pro miners with an average hash rate of 100 Tera Hash per Second (TH/s).

In addition to the 13,118 miners currently active, the company has confirmed fully-funded purchase orders, with hosting, for another 19,000 machines all set for activation by the end of 2022.

They have mined 560.9 bitcoins since February 2021, resulting in profitability since the first machines went online. In November alone, they reported revenue of $7.8M and adjusted EBITDA exceeding $6.2M. The company’s mining operations are also 92% carbon neutral.

Zeb Portanova, Head of Strategic Initiatives at GEM Mining, said: “This announcement underscores our commitment to our continued long-term growth plan, which has GEM Mining well-positioned to capitalize on emerging opportunities in cryptocurrency mining.” 

John Warren, CEO of GEM Mining, said: “The successful deployment of 13,000 active miners is a major milestone in the growth story of GEM Mining. We will continue to seek out opportunities to deploy industry-leading technology with our premier hosting partners. That has been our mission since the company’s inception and will continue to be our focus in 2022.”

Headquartered in Greenville, SC, the company is a privately held, institutional-grade Bitcoin (BTC) mining company focused on maximizing equity returns for its investors. The company is led by five founding partners, who have been building the foundations for the blockchain and cryptocurrency company since 2017.

Previous Article

December 30, 2021

Coinweb announces $CWEB listing on 6 major exchanges

Read More
Next Article

December 30, 2021

MV Index Solutions launches 4 equity indices

Read More

IBSi Daily News Analysis

June 21, 2024

Bitcoin Mining

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

April 24, 2024

Network International receives SVF licence from UAE Central Bank

Read More

April 22, 2024

Midas raises $45m to roll out crypto, mutual fund & savings account products

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023