GEM Mining Announces June 2022 Production Update
GREENVILLE, S.C. — GEM Mining, a bitcoin (“BTC”) mining company headquartered in Greenville, South Carolina, published its mining production results for June 2022. Key metrics include:
– At the end of June, GEM Mining maintained an active miner fleet of 19,459 miners. This marked no change from the May miner fleet totals.
– In June, GEM Mining had a hash rate of 1.80 Exahash per Second (EH/s), decreasing 6.2%, compared to 1.92 EH/s in May. The decrease was due primarily to a higher global hash rate in June compared to May.
– GEM Mining produced 222.1 BTC in June, a decrease of 7.0%, compared to 239.0 BTC produced in May. GEM Mining produced 7.4 BTC per day in June, a slight decrease in the daily production rate of 7.7 BTC in May. This marks a 909.5% increase as compared to June 2021 production of 22.0 BTC. The month-over-month decrease is a result of an increased global hash rate.
– GEM Mining reported $5.43MM in revenue in June, a decrease of 28.2% compared to $7.57MM in May. The decrease in revenue was due primarily to a lower average BTC price in June compared to May.
– At the end of June, GEM Mining has produced 1,382.2 BTC in 2022.
– As of May 31, GEM Mining has produced 1,160.0 BTC in 2022.
“GEM Mining continued to efficiently mine BTC in Q2, producing 705.9 BTC by Quarter’s end,” explained John Warren, CEO of GEM Mining. “We remain well positioned to continue deploying our miner fleet and pursuing additional growth opportunities through the remainder of 2022 and beyond.”
About GEM Mining
Headquartered in Greenville, SC, GEM Mining is a privately held, institutional-grade bitcoin (BTC) mining company. The company has over 19,000 miners currently active, with an additional 13,000 fully funded and hosted machines set to come online by the end of 2022. The company’s active miner fleet accounts for over 1% of the global hash rate and is a 97% carbon neutral operation.