GEM Mining Announces June 2022 Production Update

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GREENVILLE, SC–(BUSINESS WIRE)–GEM Mining, a bitcoin (“BTC”) mining company headquartered in Greenville, South Carolina, has released its mining production results for June 2022.

Key indicators include:

– At the end of June, GEM Mining maintained an active miner fleet of 19,459 miners. This marked no change from May’s Miner Fleet totals.

– In June, GEM Mining had a hash rate of 1.80 Exahash per second (EH/s), down 6.2% from 1.92 EH/s in May. The drop was mainly due to a higher global hash rate in June compared to May.

– GEM Mining produced 222.1 BTC in June, down 7.0%, from 239.0 BTC produced in May. GEM Mining produced 7.4 BTC per day in June, a slight drop from the daily production rate of 7.7 BTC in May. This represents a 909.5% increase from the June 2021 production of 22.0 BTC. The month-over-month decrease is the result of an increased global hash rate.

– GEM Mining posted revenue of $5.43 million in June, down 28.2% from $7.57 million in May. The drop in revenue is mainly due to the lower average price of BTC in June compared to May.

– At the end of June, GEM Mining produced 1,382.2 BTC in 2022.

“GEM Mining continued to mine BTC efficiently in the second quarter, producing 705.9 BTC at the end of the quarter,” explained John Warren, CEO of GEM Mining. “We remain well positioned to continue to deploy our miner fleet and seek additional growth opportunities through the end of 2022 and beyond.”

About GEM Mining

Based in Greenville, South Carolina, GEM Mining is a private, institutional-grade bitcoin (BTC) mining company. The company has over 19,000 currently active miners, with an additional 13,000 fully funded and hosted machines expected to go live by the end of 2022. The company’s active miner fleet accounts for over 1% of the mining rate. global hash and is 97% carbon neutral. operation. For more information on GEM Mining, see gemmining.com.


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