Gem Mining company launches Bitcoin mining in South Carolina

GREENVILLE, S.C., Dec. 15, 2021 /PRNewswire/ -- A team of seasoned South Carolina-based business leaders is announcing the launch of a new Bitcoin mining company, GEM Mining, headquartered in Greenville, South Carolina. GEM Mining is mining Bitcoin using highly complex computers and software known as Bitcoin miners, has raised over $200 million in institutional capital and owns over 32,000 mining machines that are now in operation or set for near-term delivery.        

John Warren, former founder and CEO of Lima One Capital, serves as CEO. In addition to Warren, Zeb Portanova serves as GEM's Head of Strategic Initiatives. Portanova has held numerous leadership roles across multi-national for-profit and non-profit companies. Gabe Waters heads up data centers for the company, and Chris Sullivan leads the company's ESG initiatives. The fifth partner, Russell Cann, acts as a strategic consultant. All five partners are active members of Young Presidents' Organization (YPO). 

"Over the past ten months, my partners and I have built an institutional-grade Bitcoin mining company by purchasing the highest quality machines and partnering with industry-leading companies to host these machines," Warren explained. "We have laid a strong foundation and plan to be a significant player in this exciting and evolving space within cryptocurrency."    

Portanova 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."

GEM Mining currently has over 8,000 miners in operation, producing over five Bitcoins per day. The company has mined 431 Bitcoins in the past nine months and has been profitable since February. In November alone, GEM Mining reported revenue of $7.8M and adjusted EBITDA exceeding $6.2M. Close to 15,000 additional miners will be turned on and mining over the next four months. The company also is 92% carbon neutral.

"GEM Mining is an example of the power of entrepreneurship," Warren explained.  "We are proud to be building one of the largest cryptocurrency mining companies in Greenville, South Carolina, which is a substantial new development for our state." 

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.

SOURCE Gem Mining