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Former Governor Candidate Raises $200 Million In Institutional Funding To Found Bitcoin mining company
Summary: According to a statement on Wednesday, John Warren, a former U.S. Marine Corps captain and candidate for governor of South Carolina in 2018, founded a 92% carbon-neutral Bitcoin mining company after raising more than $200 million in institutional capital. The company named Gem Mining is headquartered in Greenville, South Carolina, and has more than 32,000 mining machines ...
According to a statement on Wednesday, John Warren, a former U.S. Marine Corps captain and candidate for governor of South Carolina in 2018, founded a 92% carbon-neutral Bitcoin mining company after raising more than $200 million in institutional capital.
The company named Gem Mining is headquartered in Greenville, South Carolina, and has more than 32,000 mining machines in operation or about to be delivered. Currently, there are more than 8,000 mining machines in active operation, producing more than 5 BTC per day.
The company has mined 431 BTC in the past 9 months and has been profitable since February. In November alone, GEM Mining saw a revenue of $7.8 million with the adjusted EBITDA exceeding $6.2 million. In the next four months, nearly 15,000 additional mining machines will be put into operation.
Warren said: "GEM Mining is built for long-term growth. 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."
By Mary Liu
Tags: Bitcoin,Gem Mining,John Warren
Link: Former Governor Candidate Raises $200 Million In Institutional Funding To Found Bitcoin mining company [Copy]
