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GEM Bitcoin Production Falls in April despite Increase in Active Miner Fleet


www.financemagnates.com 05 May 2022 19:51, UTC
Reading time: ~2 m

GEM Mining, a United States institutional-grade Bitcoin (BTC) mining company, saw a 3.2% fall in its BTC mining production in April despite increasing its active miner fleet by 1%. 

According to GEM, its BTC production fell from 252.9 BTC in March to 244.8 BTC in April 2022. 

However, the company increased its active miner fleet to 19, 175 miners in April from the 18,976 miners in March. 

John Warren, CEO of GEM Mining, however, said the April output was its “second-best production results” since the company’s founding. 

GEM’s revenue also decreased by 4.3% in April, falling from $10.61 million in March to $10.15 million. 

The bitcoin miner, however, attributed the fall in revenue to “lower average BTC price in April compared to March”. 

Other April Production Figures

GEM also said its produced 8.16 BTC per day in April, thereby achieving the same daily production rate as March. 

“In April, GEM Mining had a hash rate of 1.88 Exahash per Second (EH/s), increasing 1.6%, compared to 1.85 EH/s in March,” the privately-held company added. 

“We will continue to build on this success as we bring our additional 13,000 fully funded and hosted machines online by the end of 2022,” Warren also said. 

Meanwhile, rival Bitcoin production company, Riot Blockchain, had reported a surge of 189% year-on-year in its BTC production figures for April 2022.

More about GEM

Headquartered in Greenville, South Carolina, GEM says it active miner fleet accounts for over 1% of the global hash rate and is a 97% carbon neutral operation.  

“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,” it further added.  

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