GEM Mining Announces Announces December 2021 Production Results
Active miner fleet increases nearly 50%
GREENVILLE, S.C. – GEM Mining, a bitcoin (“BTC”) mining company headquartered in Greenville, South Carolina, published its mining production results for the month of December 2021. December saw a month-over-month increase in bitcoin mined, hash rate, the number of active miners deployed, reported revenue, and net income for the company.
Key metrics include:
- At the end of December, GEM Mining had an active miner fleet of 13,118 miners. This was an active miner fleet increase of 49%, compared to the 8,802 active miners deployed at the end of November.
- In December, GEM Mining had a hash rate of 1.45 Exahash per Second (EH/s), increasing 70.5%, compared to 0.85 EH/s in November.
- GEM Mining produced 171.4 BTC in December, increasing 26.6%, compared to 135.4 BTC produced in November.
- GEM Mining produced 607.6 BTC in 2021, with mining operations beginning in February of that year.
- GEM Mining reported $8.45MM in revenue in December, increasing 2.7%, compared to $8.23MM in November. The slight revenue increase reflects a combination of a strong increase in BTC production for the company and a drop in the value of BTC.
- The company reported $3.05MM in unaudited net income in December. Reported net income excludes consideration of non-cash impairment charges for cryptocurrency held as of 12/31.
“Across all production metrics, GEM Mining finished 2021 on a strong note,” explained John Warren, CEO of GEM Mining. “Since our founding, we have shown our consistent ability to rapidly deploy high-quality miners and efficiently produce BTC. With 19,000 additional, fully-funded and hosted miners set to come online in the coming months, we are well-positioned to continue that growth trajectory in 2022.”
About GEM Mining
Headquartered in Greenville, SC, GEM Mining 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. With more than 50 years of executive leadership across various national and multi-national companies, the partners have managed over $3 billion in investments and have executed multiple, profitable exits. For more information about GEM Mining, see gemmining.com.