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Ex-Marine and South Carolina Politician Raises $200M to Start Bitcoin Mining Company

Ex-Marine and South Carolina Politician Raises $200M to Start Bitcoin Mining Company

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Former U.S. Marine and 2018 candidate for South Carolina governor John Warren has began Gem Mining, a 92% carbon-neutral bitcoin mining firm, after elevating over $200 million in institutional capital, according to a statement on Wednesday.

  • Warren served 4 years on lively responsibility as an infantry officer within the U.S. Marine Corps, and in 2018, misplaced within the Republican major run-off to be South Carolina’s governor.
  • “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,” mentioned Warren, who serves as Gem’s CEO and who co-founded Gem with 4 different companions.
  • The Greenville, South Carolina-based miner at the moment has over 8,000 miners in operation, producing 5 bitcoins per day. Nearly 15,000 extra miners might be turned on over the subsequent 4 months, the corporate mentioned.
  • In addition, Gem owns over 32,000 mining machines which might be both operational or might be delivered within the near-term and gained’t require extra capital for full deployment.
  • The firm mentioned it mined 431 bitcoins previously 9 months and has been worthwhile since February. It additionally had income of $7.8 million and adjusted EBITDA exceeding $6.2 million in November.
  • On Sept. 15, one other bitcoin miner, Greenidge Generation, mentioned it will purchase 10,000 crypto mining machines for its deliberate new facility in Spartanburg, South Carolina, and expects to start mining in late 2021 or early 2022.

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