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GEM Mining Announces May 2022 Production Update

GREENVILLE, S.C., June 09, 2022--(BUSINESS WIRE)--GEM Mining, a bitcoin ("BTC") mining company headquartered in Greenville, South Carolina, published its mining production results for May 2022.

Key metrics include:

- At the end of May, GEM Mining had an active miner fleet of 19,459 miners. This was an active miner fleet increase of 1.4%, compared to the 19,175 miners deployed at the end of April.

- In May, GEM Mining had a hash rate of 1.92 Exahash per Second (EH/s), increasing 2.1%, compared to 1.88 EH/s in April.

- GEM Mining produced 239.0 BTC in May, a decrease of 2.3%, compared to 244.8 BTC produced in April. Year-over-year, this marks a 1,206.0% increase from GEM Mining’s May 2021 production of 18.3 BTC.

- GEM Mining produced 7.7 BTC per day in May, a slight decrease compared to the daily production rate of 8.1 BTC in April. The decrease is a result of an expanded global hash rate.

- GEM Mining reported $7.57MM in revenue in May, a decrease of 25.4%, compared to $10.15MM in April. The decrease in revenue is due primarily to a lower average BTC price in April compared to March.

- As of May 31, GEM Mining has produced 1,160.0 BTC in 2022.

"Even with some of the market fluctuation seen in May, we remain well positioned to continue to efficiently mine BTC," explained John Warren, CEO of GEM Mining. "We will continue to deploy our miner fleet as well as pursue additional growth opportunities."

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. For more information about GEM Mining, see gemmining.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005200/en/

Contacts

MEDIA: Will Crockett | 703-944-4213 | will.crockett@wachsman.com