A team of five South Carolina-based business leaders have launched a new Bitcoin mining company, GEM Mining, in Greenville.
The company’s partners include:
- CEO John Warren – former founder and CEO of Lima One Capital
- Head of strategic initiatives Zeb Portanova
- Gabe Waters – heads up data centers for the company
- Chris Sullivan – leads the company’s environmental, social and governance (ESG) initiatives
- Strategic consultant Russell Cann
GEM Mining, which has been operational for 10 months, mines Bitcoin, a cryptocurrency, using highly complex computers and software known as Bitcoin miners. The business has raised over $200 million in institutional capital and owns over 32,000 mining machines, including over 8,000 miners in operation.
“GEM Mining is built for long-term growth,” said Portanova. “100% of our mining machines are paid for, so deploying the full 32,000 miners will not require additional capital. Our company is agile and able to respond to market opportunities quickly.”
Since February, the company has been profitable and has mined 431 Bitcoins, with an average production of over five Bitcoins per day. In November, GEM Mining reported $7.8 million in revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeding $6.2 million.
The business expects to turn on close to 15,000 additional miners over the next four months.
For more information, visit gemmining.com.
