US-based digital asset mining firm Gem Mining says it is currently generating 6.5 Bitcoin each day or approximately $305,000 in value at current BTC prices.
The Greenville, South Carolina, digital mining firm reports 13,118 miners and a hash rate of 1.25 E/H. The company states that a majority of its fleet is comprised of Bitmain S19 Pro miners with an average hash rate of 100 Tera Hash per Second (TH/s). The company has also purchased another 19,000 machines scheduleded for activation by the end of 2022.
To date, GEM Mining reports having mined 560.9 Bitcoins (~$26.3M) since February 2021. Gem says it has been profitable since the first machines went online.
In November, GEM Mining reported revenue of $7.8 million and adjusted EBITDA exceeding $6.2 million. The company says its mining operations are also 92% carbon neutral.
John Warren, CEO of GEM Mining, stated:
“The successful deployment of 13,000 active miners is a major milestone in the growth story of GEM Mining. We will continue to seek out opportunities to deploy industry-leading technology with our premier hosting partners. That has been our mission since the company’s inception and will continue to be our focus in 2022.”
Mining for Bitcoin is based on a process of deciphering a mathematical equation in competition with other miners. If a miner is first, it earns a Bitcoin. As the cost of energy rises net income can decline thus many miners aim to host servers in low cost energy locations.
Bitcoin mining will eventually top out at a set number of BTCs, something that is expected to make Bitcoin immune from inflationary pressures.